The Idea That Resources Are Scarce but Wants Are Unlimited

question 51

Multiple Choice

The idea that resources are scarce but wants are unlimited is known as

• A)marginal cost
• B)opportunity cost
• C)sunk cost
• D)resource cost
• E)production cost

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Definitions:

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The federal political system of the United States, consisting of three branches: executive, legislative, and judicial, established to govern the country.

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Actions taken by government leaders or institutions that establish regulations or guidelines on various issues affecting the public.

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Child Labor

The employment of children in any labor practice that is considered harmful to their health and development or that interferes with their education.