Economics is concerned with tradeoffs caused by scarcity. "Tradeoffs"refers to:
A) the alternatives given up when making choices.
B) recycling old goods into new goods to reduce the scarcity problem.
C) the buying and selling that occurs when unwanted goods are exchanged for goods that are desired.
D) the decisions about whether households or businesses should bear the entire burden of the scarcity problem.

Question

Quizplus · Accepted Answer

Tradeoffs in economics refer to the concept of opportunity cost, where choosing one option means giving up others. This is a fundamental principle in economics, highlighting the cost of what is foregone to pursue a certain action or decision.

Economics Is Concerned with Tradeoffs Caused by Scarcity