Asked by Michael Petropulos on Jul 21, 2024
Verified
As resources are scarce,_____.
A) opportunity costs are zero.
B) people must make choices among alternatives.
C) all human wants and desires can be satisfied.
D) resource prices are fixed.
E) commodities are free.
Scarce
A condition or situation characterized by the limited availability of resources or goods, leading to competition for their acquisition or use.
Opportunity Costs
The cost of forgoing the next best alternative when making a decision or choosing among options.
Alternatives
Different choices or options that are available in a decision-making process.
- Recognize the basic issue in economics as the necessity to select options because of limited resources.
- Comprehend the necessity of opportunity costs due to the scarcity of resources.
Verified Answer
SC
Shaniyah ChambersJul 22, 2024
Final Answer :
B
Explanation :
Scarcity means that there are limited resources to fulfill unlimited wants and needs. Therefore, people must make choices among alternatives as they cannot have everything they desire with the limited resources available. Option A, C, D, and E are not correct as they either do not make sense or contradict the concept of scarcity.
Learning Objectives
- Recognize the basic issue in economics as the necessity to select options because of limited resources.
- Comprehend the necessity of opportunity costs due to the scarcity of resources.