What are the two parts of the economic problem?
A)economics explains many things, but only things that are related directly to money.
B)natural resources are scarce but human-made resources are not.
C)scarcity forces us to choose and choices are costly because we must give up other opportunities that we value.
D)we have unlimited wants and unlimited resources.

Question

What are the two parts of the economic problem?
A)​economics explains many things, but only things that are related directly to money.
B)​natural resources are scarce but human-made resources are not.
C)​scarcity forces us to choose and choices are costly because we must give up other opportunities that we value.
D)​we have unlimited wants and unlimited resources.

Quizplus · Accepted Answer

The economic problem is defined as scarcity which forces us to choose and those choices are costly because we have to give up other opportunities that we value. This definition is most closely related to choice C. The other choices listed do not accurately reflect the two parts of the economic problem.

What Are the Two Parts of the Economic Problem