Ask Question
3 December, 14:45

Explain why scarcity leads to trade offs. Choose all correct answers A. Scarcity leads to trade offs only if you do not have the resources to obtain both goods. B. Since the supplies of virtually all goods are limited, and since human wants are unlimited, there is competition between individuals. C. If you want a certain good, you have to give up something else to get it, whether that be time, money, labor or another good offered in trade. D. If you want a certain good, you have to give up something else to get it, unless you have enough money for both

+4
Answers (1)
  1. 3 December, 16:37
    0
    Answer: Option D

    Explanation: In simple words, Scarcity refers to the limited availability of resources in the nature, for the production of goods and services needed to satisfy the unlimited wants.

    Thus, the individuals have to allocate their resources in an effective and efficient manner. If any consumer wants to have one goods he have to bear the opportunity cost of loosing the second best choice.

    Hence from the above we can conclude that the correct option is D.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Explain why scarcity leads to trade offs. Choose all correct answers A. Scarcity leads to trade offs only if you do not have the resources ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers