When an Economist Talks of Scarcity, the Economist Is Referring

question 461

Multiple Choice

When an economist talks of scarcity, the economist is referring to the

• A) ability of society to employ all of its resources.
• B) ability of society to consume all that it produces.
• C) inability of society to satisfy all human wants because of limited resources.
• D) ability of society to continually make technological breakthroughs and increase production.

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Definitions:

Encoding

The act of translating information into a message that can be easily understood by its recipient, as in communication.

Feelings

Emotional responses or states that arise in reaction to internal or external events, influencing thoughts and behavior.

Beliefs

Deeply held convictions or acceptances that something is true or exists, often shaping an individual's attitude and behavior.

Media Richness

Denotes the capacity of a communication medium to effectively convey complex information in a detailed and comprehensive manner.