Scarcity Is Best Defined as

question 132

Multiple Choice

Scarcity is best defined as

• A)unlimited resources
• B)a shortage -- when buyers cannot obtain the goods they want
• C)a surplus -- when sellers cannot sell the goods they produce
• D)insufficient resources to satisfy unlimited wants
• E)the private ownership of society's resources

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Definitions:

Cognitive Capabilities

Cognitive Capabilities refer to the range of mental skills that are involved in acquiring knowledge, processing information, and critical thinking.

Technology

The application of scientific knowledge for practical purposes, especially in industry and the development of innovative tools and machinery.

Paradigm

A body of knowledge that selects and highlights certain issues for study. It includes assumptions about how a particular phenomenon ought to be studied and the kinds of experimental methods and measures that are appropriate to use.

Assumptions

Beliefs or principles accepted as true without proof, often forming the basis for further reasoning or behavior.