The Existence of Scarcity Means That

question 166

Multiple Choice

The existence of scarcity means that

• A) there are not enough resources to satisfy unlimited human wants.
• B) firms will increase their production to eliminate the scarcity.
• C) the government will step in to eliminate the scarcity.
• D) firms working with the government will allocate resources to eliminate the scarcity.

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Definitions:

Functional Level

Refers to the operational and tactical aspects of an organization, focusing on specific roles or departments such as marketing or finance.

Marketing Department

A division within a company that focuses on developing strategies to promote, sell, and distribute products or services effectively.

Corporate Culture

Refers to the shared values, beliefs, and practices that characterize the social and psychological environment of an organization, influencing its employees' behaviour and identity.

Strategic Business Unit

A semi-autonomous division or unit within a firm that focuses on a specific market or product line, having its own strategy and objectives.