Which of the following has the effect of creating competition for finite resources, thereby forcing trade-offs by participants in the economy?
A) redundancy
B) scarcity
C) opportunity costs
D) free market systems
E) planned systems
Answer: B
Explanation: Scarcity doesn't mean a shortage of a particular resource; rather, it means that the resource has a finite supply. Scarcity has two powerful effects: It creates competition for resources, and it forces trade-offs on the part of every participant in the economy.
You might also like to view...
Older adults that control more than 50% of discretionary income are considered the ________ market
A) boomer B) senior C) millennial D) echo boomer
A company that is ethnocentric in its approach to PR will not extend home-country PR activities into host countries
Indicate whether the statement is true or false
The traditional means of trading-area delineation for a new store is _____
a. Huff's model b. Gautschi's model c. license-plate analysis d. Reilly's law of retail gravitation
According to your textbook’s interpretation of Karl Weick (1979), communication is constructed through the organizational members’ desire to _______________.
a. Preserve power b. Reduce equivocality c. Increase confusion d. Exploit others