In Economics, the Term "Scarcity" Refers to the Fact That

question 41

Multiple Choice

In economics, the term "scarcity" refers to the fact that

• A) everything really worthwhile costs money.
• B) even in wealthy countries like the United States, some people are poor.
• C) no society can produce enough to satisfy fully the desires of people for goods and services.
• D) sometimes shortages of a good arise when its price is set below the market equilibrium.

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Definitions:

Parasympathetic Inhibition

The reduction of activity in the parasympathetic nervous system, which may result in increased arousal or decreased bodily functions associated with rest and digestion.

Cognitive Labeling

The process of identifying and naming the emotions one is experiencing.

Expressive Behaviors

Actions that outwardly demonstrate or convey one's emotions, thoughts, or feelings to others.

James-Lange Theory

A theory of emotion that posits that physiological arousal precedes the experience of emotion, suggesting emotions are the result of perceiving body changes.