EverythingOnConstruction - Ask. Build. Learn together. Logo

In Social Studies / College | 2025-07-03

A basic concept in economics is that all resources are
A. scarce.
B. allocated.
C. valuable.
D. renewable.

Asked by estebanprz0411

Answer (2)

Scarcity in economics indicates that all resources are limited, leading to the necessity for choices in allocation. This principle drives how resources are managed and valued in society. Understanding scarcity aids in making informed economic decisions. ;

Answered by GinnyAnswer | 2025-07-03

In economics, a fundamental concept is that all resources are scarce, meaning their availability is limited compared to human wants. This scarcity necessitates choices about resource allocation and understanding opportunity costs. Therefore, the correct answer to the question is option A: scarce.
;

Answered by Anonymous | 2025-07-04

Related Questions in Social Studies

[Solved] Increased interest in cultural diversity can be attributed to all of the following except A. personal travel B. advances in communication C. natural selection D. international trade

[Solved] Love, which can't be observed or measured directly, is an example of a psychological construct. True or False?

[Solved] Based on the table, which of the following is the most likely time frame when mining operations were started in the location? | Year | Number of Sinkholes | | ----------- | ----------- | | 1990 | 15 | | 1992 | 18 | | 1994 | 15 | | 1996 | 35 | | 1998 | 47 | A. Between 1990 and 1992 B. Between 1992 and 1994 C. Between 1996 and 1998 D. Between 1994 and 1996

[Solved] Increased interest in cultural diversity can be attributed to all of the following except A. personal travel B. advances in communication C. natural selection D. international trade

[Solved] Funding has little influence on the number of researchers working on a given project. Please select the best answer from the choices provided. A. True B. False