Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
Choices
B
Abundance
C
Resources
D
Needs
Understanding the Answer
Let's break down why this is correct
Answer
Scarcity means that there are limited resources to meet our unlimited wants and needs. When we face scarcity, we have to make choices, which leads to trade-offs; this means giving up one thing to get something else. Similarly, if we have unlimited wants, it leads us to prioritize some wants over others, resulting in opportunity costs. For example, if you want to buy both a video game and a new pair of shoes but can only afford one, choosing the video game means giving up the shoes. Therefore, unlimited wants relate to the idea of prioritizing our choices and the costs of those choices, just like scarcity leads to trade-offs.
Detailed Explanation
When we have unlimited wants, we must make choices. Other options are incorrect because Some might think unlimited wants mean we have plenty of everything; People might confuse resources with wants.
Key Concepts
Economic Scarcity
Trade-offs
Resource Allocation
Topic
Understanding Economic Scarcity
Difficulty
hard level question
Cognitive Level
understand
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