When Is a Good Considered Scarce in a Society

question 105

Multiple Choice

When is a good considered scarce in a society?

• A) when more output of the good is possible
• B) when everyone in that society cannot have all they want of the good
• C) when the government restricts production of the good
• D) when only the richest people in the economy can buy all they want of the good

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Definitions:

Child Poverty Rates

The proportion of children living in poverty, reflecting their families' inability to provide basic needs for a healthy and safe upbringing.

Industrialized Countries

Nations that are characterized by a high level of industrialization, advanced technological infrastructure, and a relatively high standard of living.

Low-Paying Job

A job that offers remuneration significantly below the market rate or living wage for similar roles in a given region.

Chronic Poverty

Occurs when a person is in a state of poverty over an extended period of time and barriers to well-being become cyclical in nature.