In economics, choices must be made because we live in a world of
A)unemployment.
B)scarcity.
C)greed.
D)unlimited resources.

Question

Quizplus · Accepted Answer

Scarcity refers to the limited availability of resources, which makes it impossible to fulfill all of our wants and needs. As a result, we must make choices about how to use our limited resources. This fundamental concept is at the heart of economics, and understanding it is essential to making informed economic decisions.

In Economics, Choices Must Be Made Because We Live in a World