Question

Scarcity: Group of answer choices

a. is a problem only in the poorer countries of the world.

b. can be solved by rapid advances in technology.

c. is a problem that exists in every economy.

d. is not a problem for the very rich.

Answer 1

c. is a problem that exists in every economy.

Step-by-step explanation:

Scarcity is shortage of supply with respect to demand.

This arises because of (causes) : Unlimited Wants, Limited resources having alternative uses.

Scarcity is a problem of each & every economy : underdeveloped, developing or developed economy. Eg - Developed Economy like US might be labour scarce, capital abundant & Developing Economy like India might be capital scarce, labour abundant.

This leads to (effects) : 3 Central Problems of Economy - What to produce , How to produce , For Whom to Produce .