Scarcity Exists Because

question 69

Multiple Choice

Scarcity exists because

• A) human wants exceed the resources available to satisfy them.
• B) some individuals have low income.
• C) the costs of production are high.
• D) some people make bad economic decisions.
• E) people take too much leisure time.

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Definitions:

Condorcet Paradox

The failure of majority rule to produce transitive preferences for society.

Condorcet Paradox

The Condorcet Paradox is a concept in voting theory where individual preferences cannot be aggregated into a consistent collective decision without creating contradictions.

Arrow's Properties

A set of criteria designed by economist Kenneth Arrow to assess the social welfare or collective decision-making functions, ensuring fairness, unanimity, and independence of irrelevant alternatives.

Pairwise Majority Voting

A voting system where candidates are compared in pairs, with each pair being voted on separately, to determine the most preferred option by majority decision.