In a World Characterized by Scarcity

question 30

Multiple Choice

In a world characterized by scarcity

• A)individuals need not work to obtain goods.
• B)all goods are free.
• C)we are not limited by time.
• D)opportunity cost is zero.
• E)people must make choices among alternatives.

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Definitions:

Public Goods

Non-excludable and non-rivalrous products or services that are accessible to all members of a society, such as public parks or national defense.

Common Resources

Goods that are non-excludable and rivalrous, where usage by one person diminishes others' ability to use them, often leading to overuse.

Rival In Consumption

A characteristic of a good or service that means its use or consumption by one individual prevents simultaneous use or consumption by other individuals.

Fire Protection

The study and practice of mitigating the unwanted effects of potentially destructive fires.