Why Does the Problem of Scarcity Exist

question 105

Multiple Choice

Why does the problem of scarcity exist?

• A) because resources are limited relative to wants
• B) because governments fail to intervene in the market place
• C) because resources are unlimited relative to wants
• D) because the world has many poor people

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Definitions:

Writing

The representation of language in a textual medium through the use of a set of signs or symbols.

After-Acquired Property

Property not owned by a debtor at the time of a security agreement but acquired later and subsequently becomes subject to the security interest.

Security Interest

A security interest is a legal right granted by a debtor to a creditor over the debtor's property, ensuring the property may be used as collateral for the repayment of a debt.

Consumer Good

A consumer good is a product intended for final consumption by individuals or households as opposed to being used in the production of other goods or services.