The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of
A)optimization.
B)efficiency.
C)trade-off.
D)equity.

Question

Quizplus · Accepted Answer

The economic concept of trade-off states that because of scarcity, producing more of one good or service means producing less of another good or service. This is because resources are limited and cannot be used to produce an unlimited amount of both goods or services.

The Idea That Because of Scarcity, Producing More of One