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:

Cultural Background

The environment, traditions, social and legal systems, and heritage shared by a group of people.

Biopsychosocial Approach

An integrated approach that incorporates biological, psychological, and social-cultural levels of analysis.

Genetic Predispositions

Inherited tendencies or traits that influence the likelihood of developing certain conditions or behaviors.

Culturally Learned Preferences

Tastes, inclinations, or choices that are acquired through cultural context and socialization rather than being innate.