The problem of economic scarcity applies
A)only in developed countries, because resources are scarce in these nations.
B)only in underdeveloped countries, because there are no productive resources in these nations.
C)only to an economy with an insufficient supply of money.
D)to the economies of all nations, regardless of their level of development.

Question

Quizplus · Accepted Answer

The problem of economic scarcity is a fundamental concept in economics that applies to all nations, regardless of their level of development. This is because all societies have limited resources and unlimited wants, which means that they must make choices about how to allocate their resources efficiently. Therefore, the concept of scarcity is a universal economic problem that affects all nations.

The Problem of Economic Scarcity Applies