Scarcity occurs when:
A) people are selfish.
B) human wants and needs exceed the resources that are available to meet those wants and needs.
C) there is insufficient demand.
D) economies are undeveloped.
Correct Answer:
Verified
Q1: Economics is:
A) an analysis of markets by
Q2: The study of economics:
A) revolves around a
Q4: The number of tickets available for a
Q5: A central theme of economic thought is
Q6: When human wants and needs exceed the
Q7: Scarcity:
A) does not exist in the real
Q8: Economics assumes that most humans make _
Q9: Rational self-interest predicts that:
A) people will alter
Q10: A basic assumption made by economists regarding
Q11: Where does trade occur?
A) primarily in foreign
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