As an Economic Concept, Scarcity Applies to

question 239

Multiple Choice

As an economic concept, scarcity applies to

• A) both money and time.
• B) money but not time.
• C) time but not money.
• D) neither time nor money.

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Definitions:

Quantum Meruit

A legal principle meaning "as much as he has deserved," used to determine the amount of compensation due for services provided when there is no existing contract.

Service

The action or process of serving or providing assistance to others, often in the context of customers or clients.

Estoppel

A rule whereby a person may not deny the truth of a statement of fact made by him or her when another person has relied and acted upon the statement.

Consideration

The benefit or value that must be exchanged between parties to form a valid contract.