Scarcity Is Best Defined as

question 132

Multiple Choice

Scarcity is best defined as

• A)unlimited resources
• B)a shortage -- when buyers cannot obtain the goods they want
• C)a surplus -- when sellers cannot sell the goods they produce
• D)insufficient resources to satisfy unlimited wants
• E)the private ownership of society's resources

---

Definitions:

Opportunity Cost

The financial impact of rejecting the subsequent optimal choice when deciding.

Government Deficits

The financial situation in which a government's expenditures exceed its revenues within a given period, leading to borrowing or currency emission.

Federal Spending

Refers to the expenditures by the central government of a country on goods, services, and obligations.

Health Care

The organized provision of medical, diagnostic, preventive, and treatment services including mental health, personal care, and research activities.