As Used in Economics,the Notion of Scarcity Means That

question 23

Multiple Choice

As used in economics,the notion of scarcity means that:

• A)mineral deposits are available only in limited amounts
• B)resources are not so plentiful that all consumer wants can be fulfilled
• C)many resources are freely available
• D)the quantities available of some resources exceed the demand for them
• E)the demand for some resources is nonexistent

---

Definitions:

Economic Value Orientation

A focus on actions and decisions that maximize economic value and financial health for stakeholders.

Moral Philosophies

The study of moral principles and values that guide behavior in various contexts, concerning what is right and wrong.

Work-Related Decision

A choice or judgment made in the context of one's employment or job responsibilities.

Adam Smith

An 18th-century Scottish economist and philosopher best known for his theories on free market economies, depicted in "The Wealth of Nations."