The Concept of Scarcity as Used by Economists Refers to

question 49

Multiple Choice

The concept of scarcity as used by economists refers to

• A) shortages.
• B) a situation in which the available resources are not enough to satisfy the wants of the people.
• C) a situation in which an item is available only in very small quantities.
• D) a situation in which an item is very expensive.
• E) a situation in which a resource is nonrenewable.

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Definitions:

New Skills and Knowledge

The acquisition of fresh abilities and understanding required to adapt to new technology, processes, or industry standards.

Emotional Reactions

Immediate responses of feelings to situations, events, or stimuli, varying widely across individuals.

Inhibit

To restrain or hold back an action, reaction, or process.

Intensity

The degree of strength, force, or energy in a phenomenon such as light, sound, or an emotion.