From a society's viewpoint, when all resources are fully employed, a decision to have more of one thing means we must give up some of another thing.

Question

Quizplus · Accepted Answer

This statement reflects the concept of opportunity cost, which states that when resources are fully employed, producing more of one good or service necessarily involves giving up some of another good or service. In other words, resources are scarce and must be allocated efficiently, so any increase in the production of one good requires sacrificing some production of another good.

From a Society's Viewpoint, When All Resources Are Fully Employed