Which of the following describes why the basic economic questions need to be answered? A. Economic systems are mixed in real-life economies. B. Where to find the next valuable resource is difficult to determine. C. Scarce resources require trade-off decisions. D. A healthy system requires a strong organizational principle. E. Price allows people to compare a numerical value to diverse goods and services.

Question

Business

Britney Rollins

30 June, 07:00

Which of the following describes why the basic economic questions need to be answered? A. Economic systems are mixed in real-life economies. B. Where to find the next valuable resource is difficult to determine. C. Scarce resources require trade-off decisions. D. A healthy system requires a strong organizational principle. E. Price allows people to compare a numerical value to diverse goods and services.

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Answers (1)

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Dane · Answer 1

Option C

Explanation:

In simple words, the basic economic questions that are what to produce, how to produce and when to produce originates from the problem of scarcity. Scarcity refers to the limited availability of resources needed of the production of essential goods and services.

Thus. due to scarcity all the individuals have to make choice in what factor do they want to invest or spend their resources to maximize their utility.