The Fundamental Problem of Economics Is

question 167

Multiple Choice

The fundamental problem of economics is:

• A)to establish a democratic political framework for the provision of social goods and services.
• B)the establishment of prices which accurately reflect the relative scarcities of products and resources.
• C)the scarcity of productive resources relative to material wants.
• D)to achieve a more equitable distribution of money income in order to mitigate poverty.

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Definitions:

Cause-and-Effect

A relationship where one event (the cause) directly results in another event (the effect).

Dependent Variable

In an experimental setting, the dependent variable is the variable being tested and measured, changing in response to alterations in the independent variable.

Review Session

A meeting or class session specifically devoted to revising or summarizing the main points of a subject or material previously studied.

Cheerful Outlook

A positive mindset that typically leads to optimistic interpretations of situations and events.