Scarcity Is Best Defined as

question 132

Multiple Choice

Scarcity is best defined as

• A)unlimited resources
• B)a shortage -- when buyers cannot obtain the goods they want
• C)a surplus -- when sellers cannot sell the goods they produce
• D)insufficient resources to satisfy unlimited wants
• E)the private ownership of society's resources

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Definitions:

Straight Line Amortization

A method of allocation of an asset's cost over its useful life in equal annual amounts.

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Non-Controlling Interest

A stake in a company that is not large enough to control company decisions, representing ownership by minority shareholders in a subsidiary not wholly owned by the parent.

Equity Method

An accounting technique used to record investments in other companies, where the investment is initially recorded at cost and adjusted thereafter for the investor's share of the investee's profit or losses.