Which of the following statements about scarcity is the most accurate?
A) It occurs only in centrally planned economies.
B) It will likely be eliminated by technological progress.
C) It occurs if there are insufficient resources to provide for human wants.
D) It exists only in poor nations.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental economic problem that exists because humans have unlimited wants, but there are limited resources to satisfy those wants. This is not limited to any specific type of economy or nation, and while technological progress can help to alleviate scarcity in some cases, it is unlikely to eliminate it entirely.

Which of the Following Statements About Scarcity Is the Most