Scarcity Is Represented on a Production Possibilities Frontier Figure by

question 34

Multiple Choice

Scarcity is represented on a production possibilities frontier figure by

• A) the amount of the good on the horizontal axis forgone.
• B) the fact that there are only two goods in the diagram.
• C) technological progress.
• D) the fact there are attainable and unattainable points.

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Definitions:

Technological Environmental Force

Influences in the business environment resulting from changes in technology, impacting how products are produced, marketed, and distributed.

Social Force

Factors arising from societal norms and cultural values that influence individuals' behaviors, attitudes, and interactions within a community.

Environmental Scanning

The systematic process of collecting, analyzing, and using information about external events and trends which can influence an organization's decision-making process.

Potential Trends

Emerging or possible directions in which a given market, technology, or behavior might develop in the future.