You like to read Vogue and Sports Illustrated. You have only $5 to spend, so you buy only Sports Illustrated. This statement best represents this economic concept:
A)Resources are scarce.
B)The real cost of something is what you must give up to get it.
C)"How much" is a decision at the margin.
D)There are gains from trade.

Question

Quizplus · Accepted Answer

Resources are scarce means that there is not enough of something to satisfy everyone's wants and needs. In this case, the person only has $5 to spend, so they can only buy one magazine.

You Like to Read Vogue and Sports Illustrated