Scarcity:
A) is a problem only in the poorer countries of the world.
B) can be solved by rapid advances in technology.
C) is a problem that exists in every economy.
D) is not a problem for the very rich.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem that arises due to the unlimited wants and needs of people with limited resources. Therefore, it exists in every economy, regardless of its level of development. Rapid advances in technology can help mitigate scarcity to some extent by increasing production and efficiency, but it cannot eliminate scarcity entirely. The very rich may have more resources than others, but they still face scarcity as they also have unlimited wants and needs.