Because People's Wants Are Unlimited but Resources Are Scarce

question 4

Multiple Choice

Because people's wants are unlimited but resources are scarce,

• A)only the rich get everything they want
• B)choices must be made
• C)there will be more services produced than goods
• D)people search for spiritual fulfillment rather than material fulfillment
• E)poor people never get anything they want

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Definitions:

Total Utility

The total satisfaction or benefit a consumer derives from consuming a particular quantity of goods or services.

Utility Schedule

A table showing the different levels of satisfaction or utility that a consumer derives from consuming different amounts of a good or service.

Worth

The value or importance of something, often measured in terms of money or utility.

Marginal Utility

The additional satisfaction or utility received by a consumer from consuming one more unit of a good or service.