SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Both households and societies face many decisions because
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resources are scarce.
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populations may increase or decrease over time.
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wages for households and therefore society 8uctuate with business cycles.
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people, by nature, tend to disagree.
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Explanation:
Detailed explanation-1: -Scarcity and choice are the basic problem of economics, because resources are limited (scarcity) and consumers have to make decisions on how to use these resources and spend their resources (choices). Despite what we often believe, resources do have an end.
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.
There is 1 question to complete.