Scarcity Arises from Limited Resources

question 66

Multiple Choice

Scarcity arises from limited resources.For this reason,all economic choices involve

• A)a value judgement.
• B)an educated decision.
• C)an opportunity cost.
• D)complementary ends.
• E)greed.

Comprehend the processes and legal requirements for forming and operating specific business entities within the United States.

Understand the role and responsibilities of franchises and franchisees under the franchise model.

Identify legal documents required for forming specific business organizations and their legal implications.

Understand and apply the concept of proportions to solve for unknown quantities.

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Definitions:

Modify

Alteration or adjustment to change an existing condition or set of properties.

Indifferent

Having no particular interest or concern; not inclined toward one view, position, or outcome over another.

Direct Fixed Expenses

Costs that are directly associated with a specific department or segment of a business and do not vary with the level of production or sales.

Cash Flow

The aggregate money movement into and out of a company, notably impacting its cash on hand.