Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose 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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