The Fundamental Problem of Economics Is

question 167

Multiple Choice

The fundamental problem of economics is:

• A)to establish a democratic political framework for the provision of social goods and services.
• B)the establishment of prices which accurately reflect the relative scarcities of products and resources.
• C)the scarcity of productive resources relative to material wants.
• D)to achieve a more equitable distribution of money income in order to mitigate poverty.

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Definitions:

Countercultures

Subcultures that reject and oppose significant norms, values, or laws of the greater society and create their cultural norms and values.

Dominant Values

Prevailing principles or standards considered most important and widely adhered to within a society or group.

Cultural Mores

The accepted traditional customs, moral attitudes, and manners of a society or social group.

Politically Rebellious

Characteristic of individuals or groups that challenge or resist established political authorities and norms, often seeking significant changes or reforms.