Scarcity in Economics Means That

question 97

Multiple Choice

Scarcity in economics means that:

• A)we often do not have sufficient resources to achieve our objectives.
• B)the wants of people are limited.
• C)there must be poor people in rich countries.
• D)shortages exist in nearly all markets.

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Definitions:

Futures

Legal agreements that compel the purchaser to buy, or the seller to dispose of, an asset at an agreed price and date in the future.

Pounds

The currency unit of the United Kingdom, also known as the British pound sterling, used as a medium of exchange.

Futures Contracts

An agreement to buy or sell a specified quantity of a commodity or financial instrument at a predetermined price at a specified time in the future.

Profit or Loss

The financial result of a company's operations and activities for a specific period, indicating the difference between revenues and expenses.