The Fact That Our Wants Are Unlimited but Our Resources

question 84

Multiple Choice

The fact that our wants are unlimited but our resources are limited implies that

• A) we should limit our wants.
• B) entrepreneurship has failed as an economic system.
• C) we have to make choices.
• D) the only way to make someone better off is to make someone else worse off.

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Definitions:

Immediate Marketing Environment

This refers to the factors directly influencing a company's capability to serve its customers, including suppliers, intermediaries, customers, competition, and the public.

Macroenvironment

The external and uncontrollable factors that influence an organization's decision-making, and affect its performance and strategies, such as economic, demographic, political/legal, social/cultural, technological, and environmental forces.

Fewer Components

A streamlined approach to product design or manufacturing that minimizes the number of parts used.

Generational Cohorts

Groups of people born in the same period who share similar cultural experiences, attitudes, and values.