Scarcity

question 68

Multiple Choice

Scarcity:

• A)ensures that people become satisfied with less than what they want.
• B)exists only during a recession.
• C)exists only in some countries.
• D)affects only poor people.
• E)requires people to make choices to satisfy their wants.

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Definitions:

Cash Receipts

The collection of money (currency, checks, or electronic transfers) received by a business from its various sources.

Cash Payments

Transactions involving the transfer of cash from one entity to another, typically in exchange for goods or services.

Debit Balance

The amount that remains in a specific account after accounting for debits and credits, indicating the total debits exceed the total credits.

Principles

Fundamental truths or propositions that serve as the foundation for a system of belief or behavior, or for a chain of reasoning.