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:

ABN

An abbreviation often used for "Advanced Beneficiary Notice," which is a notice given to patients under Medicare to convey that Medicare may not provide coverage for certain procedures or services.

Formulary

An insurance plan’s list of approved prescription medications.

Attachment Styles

Patterns of interpersonal relationships influenced by the nature of emotional bonds formed in early childhood.

Criminality

The state of being criminal or engaging in criminal activities, often analyzed in social, psychological, and legal contexts.