When We Speak of Production, Distribution, and Consumption as Societal

question 25

Multiple Choice

When we speak of production, distribution, and consumption as societal responses to the universal problem of scarcity, what is it that gets produced, distributed, and consumed?

• A) goods and services
• B) land and capital
• C) labor and entrepreneurship
• D) institutions and processes
• E) supply and demand

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Definitions:

Licensing Statute

Legislation that specifies the requirements and conditions for obtaining a professional or business license to legally operate.

Illegal And Unenforceable

Describes contracts that cannot be legally upheld or enforced due to the inclusion of illegal acts or elements.

Usury

The lending of money at an exorbitant or unlawful rate of interest.

Adhesion Contract

A contract created by a party to an agreement that is presented to the other party on a take-it-or-leave-it basis. Such contracts are legal but are sometimes rescinded on the grounds of unconscionability and the absence of one party’s free will to enter a contract.