Scarcity Is

question 3

Multiple Choice

Scarcity is:

• A) a fact of life because of limited resources.
• B) not a problem for Bill Gates because he is a billionaire.
• C) can be eliminated by rational decision making.
• D) is a problem studied in microeconomics but is not a macroeconomic concern.

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Definitions:

Terror Management Theory

Terror management theory suggests that humans' awareness of their own mortality drives their behaviors, beliefs, and social connections to avoid existential dread.

Social Identity Theory

A psychological framework proposing that individuals categorize themselves into groups (in-groups and out-groups) which influences their behavior and self-esteem.

Economic Situation

The state of economic conditions in a certain area or globally, including factors like inflation, employment rates, and GDP growth.

Injunctive Norm

Social norms that are perceived as approved or disapproved behaviors by a society or group, guiding what actions are considered acceptable.