Asked by
Freedom Harper
on Oct 13, 2024
Verified
Individuals are forced to make choices because
A) human wants are limited.
B) the supply of resources is infinite.
C) wants are unlimited and resources are scarce.
D) resources are unlimiteD.
Scarcity
A fundamental economic problem of having seemingly limitless human wants in a world of limited resources.
Choices
Decisions made by individuals or organizations among two or more alternatives.
Resources
The total means available for economic and political development, such as minerals, labor force, and financial wealth.
- Acquire knowledge about the idea of scarcity and its consequences for the distribution of resources in economic settings.
- Understand the principle of opportunity cost and its importance in decisions related to economics.
Verified Answer
JK
Learning Objectives
- Acquire knowledge about the idea of scarcity and its consequences for the distribution of resources in economic settings.
- Understand the principle of opportunity cost and its importance in decisions related to economics.