Scarcity

question 104

Multiple Choice

Scarcity

• A)exists because people have wants that are unlimited relative to the availability of resources to satisfy those wants
• B)applies when a resource is not freely available
• C)means that each society and each individual must make choices
• D)exists in all societies
• E)all of the above are true

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Definitions:

Fact-Finding Question

A question asked with the intent of gathering factual information or specifics about a topic, often used in research or investigative contexts.

Inductive Reasoning

A method of reasoning in which specific observations or experiences are used to make broad generalizations.

Unwarranted Assumption

A belief taken for granted without sufficient evidence or basis, leading to potential misunderstandings or erroneous conclusions.

Deductive Reasoning

A logical process in which a conclusion is based on the concordance of multiple premises that are generally assumed to be true.