When Economists Say Scarcity, They Mean

question 63

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) human wants exceed 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:

Accrued Property Taxes

Property taxes that have been incurred but not yet paid, typically recorded as a liability on the balance sheet.

Cost of Land

The purchase price and all associated costs, such as legal fees and surveying, of acquiring land for business use.

Asset's Cost

The total amount of money or the value exchanged to acquire, maintain, improve, or replace an asset.

Intended Use

The purpose for which a product or service is specifically designed or for which it is intended to be used.