Scarcity

question 75

Multiple Choice

Scarcity:

• A) exists because resources are unlimited while human wants are limited.
• B) means we are unable to have as much as we would like to have.
• C) will likely be eliminated as technology continues to expand.
• D) is not an issue addressed in economics.

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Definitions:

Realty

Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; also known as real estate.

Water Rights

Rights concerning the ownership and regulation of the usage of water from rivers, lakes, or underground sources.

Mineral Rights

The ownership rights of underground resources like oil, natural gas, metals, and minerals.

Airspace

The space above the ground in which aircraft can fly, also subject to property, safety, and national defense regulations.