Scarcity Arises from Limited Resources

question 17

Multiple Choice

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

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

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Definitions:

Pull System

A concept that results in material being produced only when requested and moved to where it is needed just as it is needed.

Upstream Stations

Facilities or locations in a supply chain where processes occur before reaching the final production stage.

Manufacturing Cycle Time

The total time required to convert raw materials into finished goods, including processing, assembly, and queue times.