If Scarcity Didn't Exist

question 19

Multiple Choice

If scarcity didn't exist

• A)We would still have to choose among alternatives
• B)We would still need to study economics
• C)All prices would be zero
• D)All prices would be infinite

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Definitions:

Status Recognition

is the acknowledgment or esteem received from others because of one’s position, achievements, or qualities.

Prestige Status

A social standing that denotes respect, admiration, or significance within a particular context or community.

Means Of Production

The physical, non-human inputs like factories, machinery, and tools used in the production process to generate economic value.

Karl Marx

A 19th-century philosopher, economist, and revolutionary known for his theories about capitalism and communism.