Because resources are scarce,individuals are required to
A)use resources inefficiently.
B)sacrifice production but not consumption.
C)improve distribution but not production.
D)make choices among alternatives.
E)improve production but not distribution.

Question

Quizplus · Accepted Answer

Because resources are scarce, individuals must make choices about how they allocate those resources. They must decide which goods and services they will produce and consume, and in what quantities. In making these decisions, they must weigh the trade-offs between different alternatives and choose the option that they believe will provide the greatest benefit. This is the fundamental concept of economics known as opportunity cost. Therefore, the best choice is D.

Because Resources Are Scarce,individuals Are Required to