When Economists Say Scarcity, They Mean

question 78

Multiple Choice

When economists say scarcity, they mean:

• A) there are only a limited number of consumers who would be interested in purchasing goods.
• B) the human desire for goods exceeds the available supply of time, goods and resources.
• C) most people in poorer countries do not have enough goods.
• D) goods are so expensive that only the rich can afford it.

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Definitions:

Communication Across Organization

This involves the processes and methods used to share and exchange information throughout different levels and departments within an organization.

Encoding

Encoding in communication is the process of converting ideas into a message using symbols, words, or gestures to convey information to another.

Decoding

The process of interpreting and understanding the meaning of information received in communication.

Interpreting

The process of understanding and explaining the meaning of information, actions, or events.