Answer:
4) when resources are scarce, people face tradeoffs
Step-by-step explanation:
All resources are scarce, but some are more scarce than others. For example, the day of the richest or poorest person in the world last exactly the same, 24 hours. You cannot buy more time per day. Even the richest person in the world has a limited amount of money, he/she cannot own all the money in the world. Some countries are rich in natural resources, but do not have capital. This leads to the concept of opportunity costs, which are the benefits lost or extra costs associated with choosing one alternative action or investment over another one. If Ken buys the new pair of sneakers, his opportunity cost is the pair of designer pants.