The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of
A)optimization.
B)efficiency.
C)a trade-off.
D)equity.

Question

Quizplus · Accepted Answer

This economic concept is known as a trade-off. It refers to the fact that when resources are scarce, producing more of one good or service requires sacrificing the production of another good or service. Therefore, individuals, businesses, and societies face trade-offs when making choices about how to allocate their resources.

The Idea That Because of Scarcity, Producing More of One