ECONOMICS (CBSE/UGC NET)

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ECONOMICS

OPPORTUNITY COST

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Peoples and consumers do not always have enough resources to get everything they want. They must make a choice. Sometimes they must give up certain things to get other things. This kind of economic decision is called a trade-off. What people decide to give up in order to get something else is called the ____
A
economic choice
B
opportunity cost
C
Either A or B
D
None of the above
Explanation: 

Detailed explanation-1: -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-2: -Scarcity– the fundamental problem facing all societies. It is the condition that results from society not having enough resources to produce all the things that people would like to have.

Detailed explanation-3: -Scarcity is the economic problem of humans facing limited resources while having unlimited needs and wants. It forces individuals and groups to make choices. The dilemma of scarcity is a basic fact in living. We cannot have everything we need and want as an individual, community, or country.

Detailed explanation-4: -Economics is the study of how people seek to satisfy their needs and wants by making choices.

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