When the US Ceases to Follow the CS It Is

question 38

Multiple Choice

When the US ceases to follow the CS it is called ___________.

• A) extinction
• B) extinctive recovery
• C) spontaneous recovery
• D) reflexive recovery

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Definitions:

Unlimited Wants

The economic concept that humans have endless desires for goods and services.

Good

A tangible product used to satisfy human wants.

Basic Economic Problem

The fundamental issue of scarcity faced by societies, where there are limited resources to meet unlimited wants and needs.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources.