The Concept of Scarcity as Used by Economists Refers To

question 25

Multiple Choice

The concept of scarcity as used by economists refers to:

• A)a situation of excess supply.
• B)a situation in which the available resources are not enough to satisfy the wants of the people at a zero price.
• C)a situation in which an item is available only in very small quantities.
• D)a situation in which an item is very expensive.
• E)a situation in which a resource is nonrenewable.

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Definitions:

Circular Organizations

Circular Organizations are companies that adopt a circular economy model, aiming to eliminate waste and continually use resources through recycling, reusing, and refurbishing.

Numerical Quotas

Predetermined numbers or percentages used to manage and control the composition or output of something, often used in employment or education settings for diversity purposes.

Low-Cost Suppliers

Businesses or entities that provide goods or services at a lower price than their competitors, often utilized to reduce overall production or operational costs.

Baldridge Award

A prestigious award given by the United States to organizations that demonstrate excellence in quality management and performance.