Choices must be made in the use of resources
A)because they are limited in supply.
B)because they are limited in demand.
C)only if the resources are non-renewable.
D)because they are in infinite supply.

Question

Quizplus · Accepted Answer

Resources are limited in supply, which means that we cannot produce an unlimited amount of goods and services. Therefore, we have to make choices about which goods and services to produce and how to allocate resources to achieve the best possible outcome. This is the fundamental concept of economics, and it applies to all types of resources, whether they are natural resources, labor, or capital.

Choices Must Be Made in the Use of Resources