Asked by
Tiara Ojeda-Benson
on Oct 27, 2024Verified
We have to make choices because:
A) we have unlimited income.
B) resources are scarce.
C) resources are infinite.
D) with good planning,trade-offs can be avoided.
Scarcity
A situation where limited resources are insufficient to satisfy all wants and needs.
Unlimited Income
A theoretical concept indicating there is no upper limit to an individual's or entity's income.
- Acknowledge the critical role that choosing amidst resource scarcity plays in determining the opportunity cost.
Verified Answer
SB
Learning Objectives
- Acknowledge the critical role that choosing amidst resource scarcity plays in determining the opportunity cost.