Scarcity in Economics Means That

question 8

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)shortages exist in nearly all markets.

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Definitions:

Cartilaginous

Pertaining to or composed of cartilage, a flexible connective tissue found in various parts of the body.

Connective Tissue

Biological tissue that supports, connects, or separates different types of tissues and organs in the body, consisting of cells embedded in a considerable amount of extracellular matrix.

Tetany

Intermittent tonic spasms resulting from inadequate parathyroid hormone.

Magnesium

A chemical element (Mg) that is a vital mineral for the human body, involved in over 300 biochemical reactions.