Scarcity Means That

question 333

Multiple Choice

Scarcity means that

• A) what we can produce with our resources is greater than our material wants.
• B) resources are unlimited.
• C) wants are greater than what we can produce with out resources.
• D) governments must make up for shortages in resources.
• E) choices made in self-interest cannot be the same as those made in the social interest.

Recognize the relationship between investment risk and potential profit rates.

Understand the role and impact of usury laws on interest rates and access to credit.

Identify the rewards of entrepreneurial activity, including innovation and market opportunity recognition.

Define economic rent and factors determining it.

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Definitions:

SmartArt

A tool in Microsoft Office applications that allows users to create visually appealing diagrams and charts from lists and bullet points.

Chart

A graphical representation of data designed to make complex information easily understandable at a glance.

Table

A structured arrangement of data made up of rows and columns, which can efficiently organize and present information.

Legend

A key or explanatory list of symbols and colors used in maps, charts, or diagrams to help users interpret the information presented.