Answer:
The statement is true
Step-by-step explanation:
Scarcity is the basic problem of the economics because the resources are scarce, as we live in the world, where the human wants are unlimited or infinite but the capital, land and the labor are needed to accomplish those wants, which are limited.
In short, it is defined as the fact or reality that there are very limited amount of resources in order to satisfy the unlimited wants of the society.
The conflict among the unlimited wants of the society and the limited resources, states the choices or alternatives need to be made while deciding on how to allocate or distribute the scarce resources to the society.