ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identify the correct definition for the following term:rationing
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Citizens are only allowed to purchase a certain amount of goods
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The cost associated with giving up one thing for another
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Redirecting resources from one source to another
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Using something close to what is actually desired
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Explanation:
Detailed explanation-1: -Rationing is the system of limiting the amount of food, water, petrol, or other necessary substances that each person is allowed to have or buy when there is not enough of them.
Detailed explanation-2: -Definition: Rationing refers to an artificial control on the distribution of scarce resources, food items, industrial production, etc.
Detailed explanation-3: -Even though thousands of items became scarce during the war, only those most critical to the war effort were rationed. Key goods such as sugar, tires, gasoline, meat, coffee, butter, canned goods and shoes came under rationing regulations. Some important items escaped rationing, including fresh fruit and vegetables.
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