Which of the following statements about scarcity is the most accurate?
A) It is a problem in both communist and socialist countries, but not in market economies.
B) It will never be eradicated because humans develop new wants as productive capabilities improve.
C) It is a problem only in communist countries.
D) It does not exist in wealthy countries.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental concept in economics, and it affects all countries and economies, no matter their political system. As long as human wants and needs are unlimited, and resources are limited, scarcity will exist. As societies become richer and more productive, they may be able to satisfy more of their citizens' wants and needs, but at the same time, they will discover new desires and aspirations that will require additional resources to fulfill them. Therefore, scarcity is an ongoing challenge that must be managed and addressed by all economies. Option A is incorrect because scarcity affects all types of economies. Option C is incorrect because scarcity is not unique to communist countries. Option D is incorrect because wealthy countries face scarcity problems, albeit on a different scale than poorer countries.

Which of the Following Statements About Scarcity Is the Most