In an Economic Sense,scarcity Means That There Are

question 13

Multiple Choice

In an economic sense,scarcity means that there are

• A) limited resources available,so consumers never have to make choices.
• B) unlimited resources available,so consumers never have to make choices.
• C) not many products available to consumers.
• D) limited resources available,so consumers have to make choices.
• E) unlimited resources available,so consumers have to make choices.

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Definitions:

Installment Sales Contracts

Contracts in which the buyer agrees to pay the purchase price of an asset in several periodic payments.

Revenue Recognition

The principle that dictates the specific conditions under which revenue can be recognized by an entity in its financial statements.

Revenue Recognition

This is an accounting principle that dictates the specific conditions under which income becomes recognized as revenue.

Indirect Costs

Expenses not directly tied to a specific project, product, or service but necessary for the general operation of an organization, such as utilities, rent, and administrative salaries.