1) The term scarcity means: A. Individuals do not have the scarce product. B. Society traded away all its scarce products C. Society does not have any products to satisfy people's wants. D. Society may have some of the scarce product, but not enough to satisfy all the wants of the society, so society must allocate scarce resources. E. Society has enough of the scarce product to satisfy all the wants of the society, so society must allocate scarce resources. 2) What does it mean when economists create models that include the assumption of ceteris paribus? A. ALL MARKETS ARE IN EQUILIBRIUM. B MARKETS ARE FREE OF INTERVENTION. C. NONE OF THE ABOVE D. OPPORTUNITY COSTS ARE MINIMIZED. E ALL ELSE IS HELD CONSTANT