As a consequence of the problem of scarcity:

a. There is never enough of anything

b. Individuals have to make choices from among alternatives

c. Only some people can "have it all"

d. Things which are plentiful have relatively high prices

Question

Business

Frank Miller

16 March, 08:36

As a consequence of the problem of scarcity:

a. There is never enough of anything

b. Individuals have to make choices from among alternatives

c. Only some people can "have it all"

d. Things which are plentiful have relatively high prices

+4

Answers (1)

Know the Answer?

Courtney Macdonald · Answer 1

The correct answer is letter "B": Individuals have to make choices from among alternatives.

Explanation:

Scarcity is the basic economic problem by which individuals have unlimited needs but count on limited resources to satisfy them. As a result, people must make trade-offs by which they sacrifice part of the satisfaction of one need to cover part of another need.

Scarcity pushes individuals to optimize the allocation of their resources to maximize the utility of the goods or services people use to satisfy their needs.

As a consequence of the problem of scarcity:a. There is never enough of anythingb. Individuals have to make choices from among alternativesc. Only some people can "have it all"d. Things which are plentiful have relatively high prices

As a consequence of the problem of scarcity:

a. There is never enough of anything

b. Individuals have to make choices from among alternatives

c. Only some people can "have it all"

d. Things which are plentiful have relatively high prices