It is cheaper to produce corn in Kansas than in Death Valley,California,because corn needs a lot of water and moderate temperatures.Which economic concept does this statement BEST represent?
A)Government policies can change spending.
B)Markets move toward equilibrium.
C)Resources should be used as efficiently as possible to achieve society's goals.
D)One person's spending is another person's income.

Question

Quizplus · Accepted Answer

This statement represents the concept of resource efficiency, as it is more efficient to produce corn in an area with adequate water and moderate temperatures. This supports the idea that resources should be used as efficiently as possible to achieve society's goals.

It Is Cheaper to Produce Corn in Kansas Than in Death