The Problem of Having Unlimited Wants Under the Constraint of Limited

question 61

Multiple Choice

The problem of having unlimited wants under the constraint of limited resources can describe the problem of:

• A) opportunity cost.
• B) sunk costs.
• C) scarcity.
• D) the marginal principle.

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Definitions:

Domestication

The process by which humans modify the genetic traits of plants and animals to make them more useful and suited for human purposes, often leading to symbiotic relationships.

Irish Potato Famine

A period of mass starvation, disease, and emigration in Ireland between 1845 and 1849, caused by a potato disease that led to crop failure.

Population Drop

A significant decline in the number of individuals within a population, which can be caused by factors such as disease, famine, or conflict.

Genetic Modification

The process of altering the genetic material of an organism in a way that does not occur naturally, often to enhance desired traits or produce new characteristics.