When human wants and needs exceed the resources that are available to meet those wants and needs, _____ occurs.
A) equity
B) scarcity
C) efficiency
D) allocation
Correct Answer:
Verified
Q1: Economics is:
A) an analysis of markets by
Q2: The study of economics:
A) revolves around a
Q3: Scarcity occurs when:
A) people are selfish.
B) human
Q4: The number of tickets available for a
Q5: A central theme of economic thought is
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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