Because resources are scarce, individuals are required to
A)sacrifice production but not consumption.
B)improve production but not distribution.
C)use resources inefficiently.
D)improve distribution but not production.
E)make choices among alternatives.

Question

Quizplus · Accepted Answer

Since resources are scarce, individuals must choose how to allocate them among competing wants and needs. This necessitates making choices among alternatives and prioritizing which wants and needs are most important. This is the basic idea behind economics and the concept of opportunity cost. Therefore, E is the best choice.

Because Resources Are Scarce, Individuals Are Required to