From a society's viewpoint, when all resources are fully employed, a decision to have more of one thing means we must give up something else.

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Quizplus · Accepted Answer

This is the basic concept of opportunity cost. When all resources are fully employed, to produce more of one good, we must divert resources from producing another good. Therefore, society must make choices about how to allocate its limited resources, and these choices involve trade-offs.

From a Society's Viewpoint, When All Resources Are Fully Employed