Scarcity Means We Must

question 76

Multiple Choice

Scarcity means we must

• A) consume less.
• B) produce less.
• C) make choices.
• D) earn more.
• E) work more.

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Definitions:

Factor Demand

The demand for production inputs (such as labor, land, and capital) by firms, determined by their need to produce goods and services.

Wage Rate

indicates the amount of money paid per unit of time worked, typically per hour or year, influencing labor costs and economic decisions.

Total Product

The total output of goods or services produced by a firm or economy, typically measured over a specific period.

Profit-Maximizing

The process or strategy of adjusting production and pricing to achieve the highest possible profit based on costs and market demand.