Whether studying the output of the U.S.economy or how many classes a student will take, an unifying concept is that:
A) wants are limited and resources are unlimited, so tradeoffs are unnecessary.
B) wants are unlimited and resources are scarce, so tradeoffs have to be made.
C) wants are limited and resources are unlimited, so tradeoffs have to be made.
D) both wants and resources are unlimiteD.The Scarcity Principle states that although we have boundless needs and wants, the resources available to us are limited.So having more of one thing means having less of another.
Correct Answer:
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