The Study of Economics Is Based on Three Premises

question 2

Multiple Choice

The study of economics is based on three premises. Which of the following statements describes one of those premises?

• A) abundance of resources
• B) consumers' inability to pay
• C) scarcity of resources
• D) consumers' ability to pay

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Definitions:

Federal Government

A system of government where power is divided between a national (federal) government and various regional governments.

Astroturf Lobbying

A political strategy that simulates grassroots support for an issue, often sponsored by corporations or interest groups to create the appearance of widespread public backing.

Grassroots Organizations

Organizations that use collective action from the local level to effect change at the local, regional, national, or international level, often through community involvement.

Insider Strategy

A method or approach used by individuals within an organization or group to influence decisions or policies from the inside.