When Economists Say Goods Are Scarce, They Mean

question 65

Multiple Choice

When economists say goods are scarce, they mean

• A) consumers are too poor to afford the goods and services available.
• B) consumers are unwilling to buy goods unless they have very low prices.
• C) goods are generally freely available from nature in most countries.
• D) the desire for goods and services exceeds our ability to produce them with the limited resources available.

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Definitions:

Deindividuation

A concept in social psychology that refers to the loss of self-awareness in groups, which can lead to disinhibited and impulsive actions.

Social Loafing

The phenomenon where individuals exert less effort when working in a group compared to when working alone.

Group Outcomes

The results or consequences of actions taken by a group as a whole, which can affect the group’s cohesion, performance, and individual member's satisfaction.

Less Accountable

Refers to a reduced sense of responsibility or obligation to justify one's actions or decisions to others.