Scarcity Exists Because

question 37

Multiple Choice

Scarcity exists because

• A) of the inefficient choices we make.
• B) poor people need more food and other goods.
• C) our wants exceed the resources available to satisfy them.
• D) society and people are greedy and wasteful.

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Definitions:

Cost-Volume-Profit

An accounting technique used to determine how changes in costs and volume affect a company's operating income and net income.

Price-Setting Process

The method by which a business determines the price at which it will sell its products or services.

ROI

Return on Investment; a performance measure used to evaluate the efficiency or profitability of an investment or to compare the efficiency of several different investments.

Profit Objective

Profit objective refers to a specific goal set by a business or project concerning the amount of profit it aims to generate within a given timeframe.