Scarcity Exists Because

question 93

Multiple Choice

Scarcity exists because

• A) the majority of people in the world are poor.
• B) people are too greedy and refuse to share what they have with others.
• C) human wants exceed what can be produced with the limited resources available.
• D) not enough new technology is being used to eliminate scarcity.

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Definitions:

Building

A structure with walls and a roof, such as a house or factory, intended for use or occupancy.

AASB 11

An accounting standard that sets out the financial reporting requirements for entities that have an interest in arrangements that are controlled jointly (joint arrangements).

Joint Control

A situation where the strategic financial and operating policy decisions of a business arrangement are determined by unanimous consent of the parties sharing control.

Unilateral Control

The power exerted by one entity over another without the need for mutual agreement or cooperation.