The Economic Problem of Scarcity

question 114

Multiple Choice

The economic problem of scarcity

• A)is unique to a capitalist economy.
• B)requires that choices be made among alternatives.
• C)disappears as technology advances.
• D)affects only less-developed countries.

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Definitions:

Material Resources

Physical items such as equipment, buildings, and raw materials that are used in the operation of a business or project.

Trademarks

Legal protections for logos, names, and other unique marks that distinguish goods or services and protect them from being used without permission.

Raw Materials

The basic, unprocessed resources required for manufacturing goods or providing services, such as metals, wood, oil, or agricultural products.

Outsourcing

Is the process of hiring outside firms to handle basic HRM functions, presumably more efficiently than the organization could.