ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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gov’t allocates scare resources to satisfy people’s unlimited wants.
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gov’t supplies money to businesses to produce goods & services.
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people use their scarce resources to satisfy their unlimited wants.
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businesses supply unlimited goods & services with limited resources.
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Detailed explanation-1: -economics. the study of how individuals and societies choose to allocate scarce resources. scarcity. the fact that there is a limited amount of resources to satisfy unlimited wants.
Detailed explanation-2: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.
Detailed explanation-3: -Lionel Robbin, another British economist, defined economics as the subject that studies the allocation of scarce resources with countless possible uses.
Detailed explanation-4: -Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.