A consequence of the economic problem of scarcity is that
A)Choices have to be made about how resources are used.
B)There is never too much of any good or service produced.
C)The production of goods and services must be controlled by the government.
D)The production possibilities curve is bowed outwarD.Scarcity means choices must be made.

Question

Quizplus · Accepted Answer

The economic problem of scarcity means that there are limited resources to satisfy unlimited wants and needs. Therefore, individuals, businesses, and governments have to make choices about how to allocate scarce resources to their most valuable uses. Choosing the best alternative often involves trade-offs and opportunity costs, which are necessary to maximize benefits and minimize costs.

A Consequence of the Economic Problem of Scarcity Is That