Which statement is true?
A)Scarcity is simply a lack of money.
B)Our society has been so affluent in the last 50 years that scarcity is only a minor problem.
C)The economic problem refers to the problem of poverty.
D)If scarcity did not exist there would be no need to economize.

Question

Quizplus · Accepted Answer

Scarcity refers to the limited availability of resources such as land, labor, and capital. It is not simply a lack of money. Even in affluent societies, scarcity still exists because resources are finite. The economic problem refers to the problem of how to allocate scarce resources to meet unlimited wants and needs. If scarcity did not exist, there would be no need to make choices and economize.

Which Statement Is True