Future Business Leaders of America (FBLA) Agribusiness Practice Test

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Enhance your FBLA Agribusiness knowledge with our comprehensive test. Dive into flashcards and multiple-choice questions, complete with hints and explanations, to ensure exam success. Prepare confidently for a bright future!

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Which term refers to a situation where there are fewer resources available than necessary to meet demand?

Scarcity
Surplus
Abundance
Excess

The correct answer is: Scarcity

The term that refers to a situation where there are fewer resources available than necessary to meet demand is scarcity. Scarcity occurs when the demand for a good or service exceeds the available supply, forcing individuals, businesses, and governments to make choices on how to allocate their limited resources effectively. This fundamental economic concept illustrates the challenge of balancing needs and wants in the presence of limited resources. In contrast, surplus refers to the condition where there is an excess of resources or goods available beyond what is required to satisfy demand. Abundance describes a situation in which resources are plentiful and widespread, making them more accessible. Excess typically implies having more than what is needed but can also suggest a detrimental quantity. Scarcity, on the other hand, highlights the critical limitations and choices that arise due to insufficient resources in comparison to demand.