Because Resources Are Scarce and Wants Are Unlimited, _____

question 108

Multiple Choice

Because resources are scarce and wants are unlimited, _____.

• A) only the rich get everything they want
• B) we must choose from among our many wants
• C) there will be more services produced than goods
• D) people search for spiritual fulfillment rather than material fulfillment
• E) poor people never get anything they want

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Definitions:

Price Mechanism

The system by which the prices of goods and services are determined in a free market, based on the principles of supply and demand.

Central Planning Agency

An organization responsible for directing economic activity according to a comprehensive plan, often in a centrally planned economy.

Business Firms

Entities that engage in commercial, industrial, or professional activities with the goal of generating profits for their owners or shareholders.

Equity

Ownership interest in a corporation in the form of common stock or preferred stock, representing a claim on its earnings and assets.