📚 Learning Guide
Scarcity in Economics
easy

Scarcity in economics is to resource allocation as A: B is to C:? What is C?

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Learning Path
Learning Path

Question & Answer
1
Understand Question
2
Review Options
3
Learn Explanation
4
Explore Topic

Choose the Best Answer

A

Trade-offs

B

Unlimited wants

C

Surplus resources

D

Market equilibrium

Understanding the Answer

Let's break down why this is correct

Answer

Scarcity in economics means that there are limited resources available to meet unlimited wants and needs. This situation forces people and societies to make choices about how to use those resources effectively. When we talk about resource allocation, we are discussing how to distribute these limited resources among different uses. In this analogy, if scarcity is to resource allocation as choice is to trade-off, then C would be trade-off. For example, if a family has a limited budget, they must choose between buying groceries or going out to eat, illustrating the concept of trade-off in their decision-making.

Detailed Explanation

Scarcity means we have limited resources. Other options are incorrect because Some people think unlimited wants mean we can have everything; Surplus resources suggest we have extra to spare.

Key Concepts

Scarcity in Economics
Resource Allocation
Trade-offs
Topic

Scarcity in Economics

Difficulty

easy level question

Cognitive Level

understand

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