The Problem of Scarcity Exists

question 100

Multiple Choice

The problem of scarcity exists

• A)only in economies that lack incentives.
• B)only in economies that have incentives.
• C)in all economies.
• D)only when people are unemployed.
• E)now but will be eliminated with economic growth.

---

Definitions:

Small Expenditures

Minor or trivial expenses often incurred in the day-to-day operation of a business.

Merchandise

Products acquired for resale to customers in the course of business operations.

Voucher System

An accounting system that involves the use of vouchers as proof of a transaction's occurrence, used for controlling expenditures.

Disbursements

Payments made by a business in the course of its operations, often involving the outflow of cash to vendors or suppliers.