Scarcity means
A) not being able to satisfy all of everyone's needs.
B) not being able to satisfy all of everyone's wants.
C) having too little of a product to serve all customers who wish to buy it.
D) the same thing as shortage.
Correct Answer:
Verified
Q1: Resources are also known as
A)minerals.
B)factories.
C)factors of production.
D)money.
Q3: Imagine (assume)you have just met someone who
Q4: In economic analysis,resources are _ while people's
Q5: Production refers to
A)physically producing material goods only.
B)any
Q6: Scarcity implies that people must
A)be selfish.
B)make choices.
C)be
Q7: Scarcity implies that
A)people should limit their wants.
B)firms
Q8: Economists sometimes say that wants are "unlimited"
Q9: "Wants" are
A)another term for needs.
B)all the things
Q10: A person goes to college to become
Q11: Services can be thought of as
A)free goods.
B)intangible
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