Question

scarcity: a. exists everywhere because human wants can never be satisfied. b. is a condition measured by the quantity of goods available. c. is a problem only in industrialized economies. d. is a problem only in poor economies.

Answer 1

The correct option is A. Scarcity exists everywhere because human wants can never be satisfied.

What is scarcity?

Scarcity in economics describes limited resources, or the cognition of limited resources when it is insufficient to fulfill human needs and wants. It can also mention to how companies decide what and how to produce using finite resources and how they complete a retail price for the item based on purchase demand.

The correct option is A. Scarcity exists everywhere because human wants can never be satisfied.

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