Because Resources Are Limited

question 16

Multiple Choice

Because resources are limited,

• A) only the very wealthy can get everything they want.
• B) firms will be forced out of business.
• C) the availability of goods will be limited but the availability of services will not.
• D) people must make choices.

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Definitions:

Situational

Pertaining to or dependent upon a particular set of circumstances, context, or conditions, rather than inherent traits or personality factors.

Fiedler

Refers to Fred E. Fiedler, an Austrian-American psychologist who developed the Contingency Model of leadership, emphasizing the importance of both the leader's style and the situational context.

Contextual Aspect

The elements or conditions surrounding a situation or event that contribute to its meaning or consequences.

Situational Aspect

The context or circumstances that surround an event or behavior, influencing its outcome or nature.