Scarcity Is Best Defined as

question 132

Multiple Choice

Scarcity is best defined as

• A)unlimited resources
• B)a shortage -- when buyers cannot obtain the goods they want
• C)a surplus -- when sellers cannot sell the goods they produce
• D)insufficient resources to satisfy unlimited wants
• E)the private ownership of society's resources

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Definitions:

Functional Needs

The basic or practical needs that a product or service fulfills for the customer.

Affective Component

A component of attitude that reflects what a person feels about the issue at hand—his or her like or dislike of something.

Psychological

Pertaining to the mind or mental processes, affecting or involving the psychological state.

Lululemon Customers

Lululemon customers are individuals or groups who purchase athletic apparel and accessories from the Lululemon brand, known for its yoga and fitness-related products.