The Principle of Scarcity Applies To

question 24

Multiple Choice

The principle of scarcity applies to:

• A) the poor exclusively.
• B) all consumers.
• C) all firms.
• D) everyone-consumers, firms, governments, and nations.

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Definitions:

Phallic Stage

A phase in Freud's psychosexual development, occurring from about ages 3 to 6, where the libido (sexual energy) focuses on the genital area.

Oral

Relating to the mouth, including the act of speaking, intake of food, or in medical terms, medication taken by mouth.

Fixation

An obsessive focus or attachment to a developmental stage, person, or object.

Psychosexual Development

A Freudian theory that describes the stages of a child's development focusing on the changes in erogenous zones that drive the psychological processes.