Scarcity:
A)is only a problem in communist countries.
B)is a problem in both communist and socialist countries, but not in market economies.
C)does not exist in wealthy countries.
D)will never be eradicated because humans develop new wants as productive capabilities improve.

Question

Scarcity:​
A)​is only a problem in communist countries.
B)​is a problem in both communist and socialist countries, but not in market economies.
C)​does not exist in wealthy countries.
D)​will never be eradicated because humans develop new wants as productive capabilities improve.

Quizplus · Accepted Answer

Scarcity is a fundamental problem in economics and affects all types of economies, whether they are capitalist, socialist or communist. It exists because human wants are unlimited and resources to satisfy those wants are limited. As technology advances, people's wants and desires also increase, creating new demands on goods and services which means that scarcity can never be fully eradicated.

Scarcity:​

Scarcity: