You have always thought that learning to play the guitar would be fun. However, this activity would cost money and require time away from other activities. This is an example of ___.

Question

Business

Kareem Holt

1 November, 16:14

You have always thought that learning to play the guitar would be fun. However, this activity would cost money and require time away from other activities. This is an example of ___.

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Answers (1)

Know the Answer?

Paloma Bowman · Answer 1

The correct answer is: the problem of scarcity.

Explanation:

Scarcity is the basic economic problem that arises because individuals have unlimited wants but posses limited resources. To maximize the level of satisfaction, individuals trade-off some goods or services to acquire others and keep a balance between them.