The Problem of Having Unlimited Wants Under the Constraint of Limited

question 61

Multiple Choice

The problem of having unlimited wants under the constraint of limited resources can describe the problem of:

• A) opportunity cost.
• B) sunk costs.
• C) scarcity.
• D) the marginal principle.

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Definitions:

Defense Mechanisms

Psychological strategies used unconsciously to protect oneself from anxiety arising from unacceptable thoughts or feelings.

Collective Unconscious

A term by Carl Jung referring to the part of the unconscious mind which is derived from ancestral memory and experience and is common to all humankind.

Displacement

Moving a troubling impulse onto a different, less threatening object.

Sparring

A form of training common in many combat sports where participants fight each other without intending to cause significant harm.