A-LevelEconomicsBasic economic ideas and resource allocation9708/12 · Feb/Mar 2023 · Q101 Mark
Why does the basic economic problem of scarcity apply to both the rich and the poor?
AThe choices people make are not dependent on income inequalities.
BConsumers pay the same prices for goods and services to satisfy their wants.
CHuman wants exceed what can be produced from available resources.
DNatural resources are unevenly distributed amongst nations.
✓ Correct answer
C: Human wants exceed what can be produced from available resources.
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