Scarcity in Economics Means That

question 19

Multiple Choice

Scarcity in economics means that:

• A)we do not have sufficient resources to produce all of the goods and services we want.
• B)the wants of people are limited.
• C)there must be poor people in rich countries.
• D)economists are clearly not doing their job.

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Definitions:

Referendum

A direct vote by the electorate on a specific proposal or issue, bypassing the legislative body.

Congressional Election

The process by which members are elected to the United States Congress, consisting of the Senate and the House of Representatives.

Elected Official

An individual who has been chosen by voters to hold a public office through a democratic electoral process.

Direct Democracy

Direct democracy is a form of government in which citizens directly participate in the decision-making processes, rather than through elected representatives, often through referendums and initiatives.