Economic Choice and Competitive Behavior Are the Result of

question 201

Multiple Choice

Economic choice and competitive behavior are the result of

• A) scarcity.
• B) poverty.
• C) public ownership of resources.
• D) private ownership of resources.

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Definitions:

User Cost

The cost of using a good or service, including the opportunity cost of forgone alternatives and depreciation.

Extracting

The process of removing or obtaining a raw material from a mix, usually by physical, chemical, or mechanical means.

Slippery Slope

A logical fallacy or argumentative strategy suggesting that a minor first step will lead to a chain of related and undesirable events.

Million Barrels

A measurement unit often used in the oil industry to quantify production or consumption, equivalent to one million barrels of oil.