Scarcity

question 17

Multiple Choice

Scarcity

• A)stems from the incompatibility between limited resources and unlimited wants.
• B)can be overcome by discovering new resources.
• C)can be eliminated by rationing products.
• D)is a bigger problem in market economies than in socialist economies.

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Definitions:

Perpetual Inventory System

An inventory management system where transactions are recorded in real-time, continuously updating inventory and cost of goods sold balances.