Which of the following items is found in all economic systems?

• A. Scarcity of resources
• B. Private property rights
• C. Market-determined prices
• D. Central planning authorities

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the concept of an economic system, which is a method used by societies to allocate scarce resources to satisfy unlimited wants.
2. Step 2: Recognize that scarcity of resources means that resources (like land, labor, and capital) are limited relative to the wants and needs of people, and this condition exists in every economic system.
3. Step 3: Analyze the other options: Private property rights, market-determined prices, and central planning authorities are features specific to certain types of economic systems (e.g., capitalism or socialism), but not all systems have these.
4. Step 4: Conclude that scarcity of resources is the fundamental problem that all economic systems must address, regardless of how they organize production or distribution.
5. Step 5: Therefore, scarcity of resources is the item found in all economic systems.