The Idea That Resources Are Scarce but Wants Are Unlimited

question 51

Multiple Choice

The idea that resources are scarce but wants are unlimited is known as

• A)marginal cost
• B)opportunity cost
• C)sunk cost
• D)resource cost
• E)production cost

Explain the role of advocacy in achieving a nonprofit's mission.

Analyze the implications of Supreme Court decisions on nonprofit activities.

Understand the application and implications of the substantial part test for nonprofits.

Explain best practices for nonprofit advocacy.

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Definitions:

Income Redistribution

The process of reallocating income through taxation, welfare policies, or other government programs to reduce income inequality.

Utilitarian Justice

A theory in ethics and economics that suggests actions should be judged as morally right if they result in the greatest good for the greatest number of people.

Distributional Justice

The philosophical and theoretical discussions and principles concerning the fair allocation of goods among members of society.

Income Redistribution

The transfer of income from certain individuals or groups to others through mechanisms such as taxation, welfare, and subsidies to achieve economic equity.