What does scarcity have to do with the fact that people must make choices?
What will be an ideal response?
Scarcity implies that people cannot have everything they want. This implies that ways must be found to determine which of the many goods that people want will actually be produced. Further, since any person cannot have everything he or she wants, the person must decide which specific things to acquire. That is, the person must make choices.
You might also like to view...
A situation in which some resources are NOT fully utilized is represented in a production possibilities frontier diagram by
A) any point on either the horizontal or the vertical axis. B) the midpoint of the production possibilities frontier. C) a point outside the production possibilities frontier. D) a point inside the production possibilities frontier.
When someone borrows to purchase capital goods, he is using someone else's _____ to fund his _____
Fill in the blank(s) with correct word