Social Studies, 29.03.2022 17:40 darenl4478
What does the term scarcity mean as it relates to economics?
A. needs are more important than wants
B. resources are used to produce the goods that constitute wants and needs
C. there are more wants and needs than can be satisfied by the available resources
D. there are more wants than needs
Answers: 2
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In the kingdom of saudi arabia the government controls every aspect of oil production which makes up the majority of the country's economy. while other businesses are owned by individuals, the biggest segment of saudi arabia's economy is oil production. saudi arabia's economy would best be described as a) entirely market. b) almost entirely command. c) a mixture between just market and traditional. d) a mixed economy with large amounts of command.
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What does the term scarcity mean as it relates to economics?
A. needs are more important than want...
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