Scarcity Exists Because

question 93

Multiple Choice

Scarcity exists because

• A) the majority of people in the world are poor.
• B) people are too greedy and refuse to share what they have with others.
• C) human wants exceed what can be produced with the limited resources available.
• D) not enough new technology is being used to eliminate scarcity.

---

Definitions:

Factory Overhead Costs

Indirect manufacturing expenses that are not directly tied to the production of goods, such as utilities, maintenance, and managerial salaries.

Direct Labor Hours

Direct Labor Hours are the total time workers who are directly involved in the manufacturing process spend on producing goods.

Factory Overhead

All indirect costs associated with manufacturing, excluding direct materials and direct labor costs.

Work in Process

Goods in the manufacturing process that are not yet completed, representing a portion of inventory that is between raw materials and finished goods.