BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The United States has adequate resources to satisfy all the wants of all its people. Countries with a command economy are often dictatorships. Privatization occurs when a government transfers to a business its authority to provide a good or a service.

Detailed explanation-2: -Answer and Explanation: The statement, “Scarcity is defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied, ” is False. The statement describes a shortage, which is a temporary condition that can and will be fixed within the price system of a free market.

Detailed explanation-3: -The economic problem of scarcity arises because needs and wants are unlimited and the resources (or means) to fulfil these wants are limited. The statement is indeed true.

Detailed explanation-4: -Think about it – can a society satisfy each and every human wants? Certainly not. Therefore, it has to decide on who gets what share of the total output of goods and services produced. In other words, society decides on the distribution of the goods and services among the members of society.