AS A CONSEQUENCE OF THE CONDITION OF SCARCITY

9. - TEST BANK FOR ESSENTIALS OF ECONOMICS 3RD EDITION BY BRUE
TEST BANK FOR ESSENTIALS OF ECONOMICS 3RD EDITION BY BRUE
9. As a consequence of the condition of scarcity:there is never enough of anything.production has to be centrally planned.things that are plentiful have relatively high prices.→ individuals and communities have to make choices from among alternatives. AACSB: AnalyticBlooms: RememberDifficulty: 1 EasyLearning Objective: 01-01 Define economics and the features of the economic perspective.Topic: Economic perspectivesTopic: EconomicsMultiple Choice Question