When an Economist Talks of Scarcity, the Economist Is Referring

question 461

Multiple Choice

When an economist talks of scarcity, the economist is referring to the

• A) ability of society to employ all of its resources.
• B) ability of society to consume all that it produces.
• C) inability of society to satisfy all human wants because of limited resources.
• D) ability of society to continually make technological breakthroughs and increase production.

---

Definitions:

Informal Relationships

Connections or interactions between individuals that are not governed by formal rules, contracts, or law.

Administrative Oversight

The process of overseeing and monitoring administrative activities to ensure compliance, efficiency, and effectiveness.

Legislators

Elected officials who have the authority to create, amend, and pass legislation within a governmental legislative body.

Appropriations

The allocation of funds by a governing body, such as a legislature, to various departments or projects within its jurisdiction.