The Concept of Scarcity Applies Both to Bill Gates and a Homeless

question 34

Multiple Choice

The concept of scarcity applies both to Bill Gates and a homeless person because

• A) both have the same legal rights.
• B) they have the same access to the markets for goods and services.
• C) there are only 24 hours in the day for both of them.
• D) they are both consumers.
• E) both must breathe air in order to live.

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Definitions:

Assigned Roles

Specific responsibilities or parts given to individuals in a group or team context, often determining their function within the group.

Personality Traits

Enduring characteristics of individuals that influence their behavior across different situations and time.

Fundamental Attribution Error

The tendency to overemphasize personality-based explanations for behaviors observed in others while underestimating the influence of external factors.

Motivated

The drive or willingness to engage in an activity or achieve a goal, stemming from internal desires or external incentives.