SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Choosing to make cars instead of trucks results in
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opportunity cost
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increased wealth
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expanding the production possibilities curve
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business rating upgrade
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Explanation:
Detailed explanation-1: -Economics is the study of how humans make choices under conditions of scarcity. Scarcity exists when human wants for goods and services exceed the available supply. People make decisions in their own self-interest, weighing benefits and costs.
Detailed explanation-2: -In economics, land comprises all naturally occurring resources as well as geographic land. Examples include particular geographical locations, mineral deposits, forests, fish stocks, atmospheric quality, geostationary orbits, and portions of the electromagnetic spectrum. Supply of these resources is fixed.
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