Learning Path
Question & Answer1
Understand Question2
Review Options3
Learn Explanation4
Explore TopicChoose the Best Answer
A
It forces societies to prioritize resource allocation based on needs and wants.
B
It eliminates the need for trade-offs since resources are unlimited.
C
It leads to a focus on maximizing profits without considering resource limitations.
D
It suggests that all resources are equally available to everyone.
Understanding the Answer
Let's break down why this is correct
Answer
Scarcity means that there are limited resources available to meet the unlimited wants and needs of people. Because resources like money, time, and materials are not infinite, society must make choices about how to use them effectively. For example, if a community has a limited budget for schools, they might decide whether to spend more on teacher salaries or on new books and supplies. This decision affects the quality of education that students receive and shows how scarcity forces people to prioritize what they think is most important. Ultimately, scarcity leads to trade-offs, where choosing one option means giving up another, influencing both individual and societal decisions.
Detailed Explanation
Scarcity means there are not enough resources for everyone to have everything they want. Other options are incorrect because This idea suggests that resources are endless, which is not true; This option implies that making money is the only goal, ignoring limits on resources.
Key Concepts
Scarcity
Resource Allocation
Economic Decision-Making
Topic
Understanding Scarcity
Difficulty
medium level question
Cognitive Level
understand
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