Scarcity

question 53

Multiple Choice

Scarcity

• A)persists only because countries have failed to achieve continuous full employment.
• B)persists because economic wants exceed available resources.
• C)has been solved in all industrialized nations.
• D)has been eliminated in affluent societies such as the United States and Canada.

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Definitions:

Communicating Acceptance

The process by which the party to whom an offer has been made notifies the offeror that they accept the terms of the offer.

Specified Means

A clearly defined method or procedure outlined for achieving a given end or goal.

Mailbox Rule

A legal principle that considers a contract offer accepted once the acceptance letter is dispatched, not when it is received by the offeror.

Effective Revocation

The successful cancellation or withdrawal of a legal right, offer, or agreement, communicated in a manner recognized by law.