Question

Scarcity is likely to be:_____.

a) a problem that will be solved by the proper use of available resources.
b) unique to the twentieth century.
c) a problem that will always exist.
d) a result of the work ethic.
e) eliminated with a better understanding of economics.

Answer 1

Scarcity is a permanent economic problem due to limited resources and unlimited wants, making c) a problem that will always exist the correct answer.

Step-by-step explanation:

Scarcity is likely to be c) a problem that will always exist. Scarcity is the fundamental dilemma in the study of economics, which arises from the issue that our resources are limited, yet our wants and desires for the products of those resources are unlimited. The condition of scarcity necessitates decision-making because there will never be enough of everything to satisfy everyone's desires, a notion famously stated by economist Thomas Sowell. This is evident in the enduring presence of critical issues like hunger, homelessness, and the lack of healthcare worldwide. Regardless of improvements in resource allocation or economic understanding, the problem of scarcity is intrinsic to the human condition due to limited resources and unlimited wants.