Scarce resources give rise to the concept of
A) efficient markets.
B) opportunity costs.
C) laissez-faire.
D) positive economics.

Name: Scarce resources give rise to the concept of A) efficient markets. B) opportunity costs. C) laissez-faire. D) positive economics.
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Question

Quizplus · Accepted Answer

Scarce resources mean that there are limited resources to satisfy unlimited wants, leading to the necessity of making choices. The concept of opportunity costs arises because choosing one option means forgoing the next best alternative.

Scarce Resources Give Rise to the Concept of