In the Economic Sense, Almost Everything Is Scarce

question 86

Multiple Choice

In the economic sense, almost everything is scarce.________ of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price.

• A)Scarcity
• B)A shortage
• C)A surplus
• D)An overstock

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Definitions:

Economic Person

A theoretical concept in economics that depicts an individual as rationing and making decisions to maximize personal satisfaction or utility, based on the assumption of rational behavior.

Social Person

Refers to an individual who enjoys engaging with others, building relationships, and participating in social activities.

Total Quality Control

A management approach to long-term success through customer satisfaction, where all members of an organization participate in improving processes, products, services, and the culture in which they work.

W. Edwards Deming

An influential figure in the field of quality management, known for his work in improving production methods and advocating for statistical process control.