Demands Differ from Wants Because

question 139

Multiple Choice

Demands differ from wants because

• A)wants require a plan to acquire a good but demands require no such plan.
• B)demands are unlimited, whereas wants are limited by income.
• C)wants imply a decision about which demands to satisfy, while demands involve no specific plan to acquire the good.
• D)demands reflect a decision about which wants to satisfy and a plan to buy the good, while wants are unlimited and involve no specific plan to acquire the good.

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Definitions:

Resource Acquisition

The process by which firms obtain necessary inputs and resources to carry out their operations.

Productivity

The measure of how efficiently production inputs, such as labor and capital, are converted into outputs, or goods and services.

Turnover

Refers to people leaving their jobs, whether voluntarily or involuntarily (i.e., through firings).

Absenteeism

The habitual non-presence of an employee at their job, which can include both justified absences, such as illness, and unjustified absences.