When Does Scarcity Exist

question 135

Multiple Choice

When does scarcity exist?

• A) when there is less than an infinite amount of a resource or good
• B) when society can meet the wants of every individual
• C) when there is less of a good or resource available than people wish to have
• D) when the government fails to produce goods

---

Definitions:

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market.

Reifies

Converts abstract concepts into concrete entities.

Industrial Production

The process of manufacturing goods and materials in factories and plants, typically on a large scale.

Alienated

Feeling isolated and separated from a group or activity to which one should belong or in which one should be involved, often discussed in the context of work and labor.