Scarcity Is the Central Problem of Economics Because Resources Will

question 50

True/False

Scarcity is the central problem of economics because resources will always be scarce if human wants are virtually unlimited.

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Definitions:

Earnings

The amount of profit that a company produces during a specific period, indicating the financial performance.

401k Plan

A retirement savings plan offered by many American employers, allowing employees to save and invest a piece of their paycheck before taxes.

Employer's Contribution

Money that an employer adds to an employee's benefits, such as a retirement plan or health insurance.

Allowable Contribution

The maximum amount that can legally be contributed to a particular savings account or investment vehicle, often pertaining to retirement accounts.