Scarcity Exists Because

question 213

Multiple Choice

Scarcity exists because

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

Identify key figures and their roles in the political scene of the 1970s and 1980s.

Examine the impact of international events on U.S. foreign policy and domestic politics.

Evaluate the strategies used by Ronald Reagan to address economic and social issues.

Understand the role of immigration policy and its changes in the 1980s.

---

Definitions:

Gross Method

An accounting approach for recording purchases or sales of inventory where discounts are not taken into account until they are actually realized.

Forward Contract

An individualized contract between two counterparts to acquire or dispose of an asset at a fixed price on a specified future date.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) aimed at making global financial statements more comparable.

Hedge Transactions

A financial strategy used to minimize the risk of adverse price movements in an asset, often involving derivatives like futures or options contracts.