Scarcity in Economics Means

question 28

Multiple Choice

Scarcity in economics means:

• A) not having sufficient resources to produce all the goods and services we want.
• B) the wants of people are limited.
• C) there must be poor people in rich countries.
• D) economists are clearly not doing their jobs.

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Definitions:

Instrumentation

The science and practice of measurement and control of process variables within a production, laboratory, or manufacturing area.

Pushbutton Interlocking

A control system feature that prevents the actuation of a device until certain conditions are met, often using pushbuttons for initiation.

Electrical Interlocking Circuit

A safety mechanism in electrical engineering designed to prevent dangerous combinations of actions by controlling the sequence of operations.

Pilot Light

An indicator light used on control panels or equipment to indicate operational status or to highlight warnings to the operator.