In Every Economic System, Choices Must Be Made Because Resources

question 148

Multiple Choice

In every economic system, choices must be made because resources

• A) are unlimited, but human desires and wants are limited.
• B) are limited, but human desires and wants are unlimited.
• C) are unlimited, and so are human desires and wants.
• D) are limited, and so are human desires and wants.

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Definitions:

Concrete Operational Stage

A stage of cognitive development in Jean Piaget's theory where children aged about 7 to 12 years understand and apply logical operations to concrete situations but not to abstract concepts.

Sensorimotor Stage

The first stage in Piaget's theory of cognitive development, where infants learn about the world through sensory experiences and manipulating objects.

Physical Development

The development beginning in early childhood and extending into late adolescence, focusing on the improvement of both gross and fine motor abilities along with pubertal changes.

Cognitive Development

The process by which a person perceives, thinks, and gains understanding of his or her world through the interaction and influence of genetic and learned factors.