The Economic Concept of Scarcity Refers to the Fact That

question 135

Multiple Choice

The economic concept of scarcity refers to the fact that:

• A) the United States will always have a battle to fight hunger.
• B) resources are often wasted and shortages are often the result.
• C) income must be redistributed through taxation in order to address income disparity.
• D) limited resources require economies to make choices among production alternatives.

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Definitions:

Expectancy Theory

A motivational theory suggesting that individual motivation is influenced by the expectation of desired outcomes and the attractiveness of those outcomes.

Herzberg's Motivation-Maintenance Theory

A refined explanation of Herzberg's theory specifying motivation factors that inherently motivate employees and hygiene factors needed to prevent dissatisfaction.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, describing a five-tier model of human needs, arranged in a hierarchy that must be fulfilled sequentially from basic physiological needs to self-actualization.

Satisfied Needs

Fulfillment of wants or necessities required for an individual's well-being or contentment.