A central and fundamental theme in economics is that:
A)for me to have something, someone else must be willing to give it up.
B)the United States is a rich country, but we are simply not aware of it.
C)resources are limited and cannot satisfy all the ways a society wants to use them.
D)we can build as much as we want, since resources are unlimited.

Question

Quizplus · Accepted Answer

The concept of scarcity and limited resources is a central and fundamental theme in economics. This means that there are not enough resources to satisfy all the wants and needs of society, leading to the need for making choices about how to allocate those resources. Choices involve trade-offs, and individuals must give up some things they value to obtain others they value more. Option A is partly true, as trade-offs are necessary for individuals to acquire goods and services, but it oversimplifies the concept of scarcity. Option B is incorrect, as being a wealthy country does not mean that individuals have unlimited resources. Option D is also incorrect, as resources are finite, and there is a limit to how much can be produced.

A Central and Fundamental Theme in Economics Is That