Scarcity and Choice Are the Basic Problems of Economics; the Supply

question 139

True/False

Scarcity and choice are the basic problems of economics; the supply and demand mechanism is the basic investigative tool of economics.

---

Definitions:

Cartilage

A flexible, connective tissue found in various parts of the body, including the joints, ear, and nose.

Squamous Epithelium

A type of epithelial tissue consisting of flat, scale-like cells arranged in layers, found lining surfaces such as the skin.

Elastic

A material or property that allows an object to resume its normal shape spontaneously after being stretched or compressed.

Nitrates

Inorganic compounds made of one nitrogen atom and three oxygen atoms that are commonly found in fertilizers and can be naturally present in water and soil.