Multiple Choice
Because cost of living varies, it is important to consider which of the following when conducting a job search?
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0. Basic Principles of Economics
Scarcity and Choice
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Which term best completes the sentence: '______ economic resources means limited goods and services.'?
A
Scarcity of
B
Abundance of
C
Allocation of
D
Distribution of
Verified step by step guidance1
Understand the key concept: Economic resources refer to inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship.
Recognize that the sentence is describing a situation where goods and services are limited, which is a fundamental concept in economics.
Recall the definition of 'scarcity' in economics: Scarcity means that resources are limited and cannot satisfy all human wants and needs.
Compare the options: 'Scarcity of' fits because it directly relates to limited goods and services; 'Abundance of' means plenty, which contradicts the idea of limitation; 'Allocation of' and 'Distribution of' refer to how resources are assigned or shared, not their availability.
Conclude that the term that best completes the sentence is 'Scarcity of' because it accurately describes the condition of limited economic resources.
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