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Which of the following explains why scarcity is a basic fact of life

A. Demand will always be greater than supply

B. Technology has not advanced far enough yet

C. There will always be too many people on earth

D. People cannot make good allocation decisions

1 Answer

5 votes

Answer:

A. Demand will always be greater than supply

Step-by-step explanation:

Scarcity is a basic fact of life because human wants and needs are unlimited, while resources are limited. This creates a situation where demand for goods and services will generally exceed the available supply. Even with advancements in technology (option B) or changes in population (option C), the fundamental concept of scarcity remains due to the inherent imbalance between unlimited desires and finite resources. Option D, "People cannot make good allocation decisions," does not directly explain why scarcity is a basic fact of life. Scarcity exists regardless of the decision-making capabilities of individuals.

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