Scarcity Can Be Eliminated If

question 112

Multiple Choice

Scarcity can be eliminated if:

• A) people satisfy needs rather than wants.
• B) sufficient new resources were discovered.
• C) output of goods and services were increased.
• D) none of these.

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Definitions:

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the business's operating cycle.

LIFO

Last In, First Out, an inventory valuation method that assumes the most recently acquired items are sold first, affecting accounting and tax calculations.

FIFO

"First In, First Out," an inventory valuation method where goods first acquired are the first to be sold.

Current Cost

The cost that would be incurred to purchase an asset or service at the present time, contrasting historical cost.