Scarcity:
A) exists because resources are unlimited while human wants are limited.
B) means we are unable to have as many goods and services or as much time for activities as we would like to have.
C) will likely be eliminated as technology continues to expand.
D) is not an issue addressed in economics.

Question

Quizplus · Accepted Answer

Scarcity exists because there are limited resources to fulfill unlimited human wants and needs. Therefore, we are unable to have as many goods and services or as much time for activities as we would like to have. While technology can sometimes increase efficiency, it cannot completely eliminate scarcity.