187k views
3 votes
Because the world has limited resources, what do people have to make?

demands
choices
scarcity
opportunity costs

1 Answer

6 votes

Answer:

choices

Step-by-step explanation:

Due to limited resources in a our wold, people have to make do with choices because it is nearly impossible to have all what we want.

The two main problems in economics revolves round:

  • Limited resources
  • Unlimited wants

The cost of choosing one item over another and forgoing it is called the opportunity cost.

  • Choices are often made by drawing up a scale of preference from which the most pressing needs can first be attended to.
  • If there are enough resources, there wouldn't be a need to make choices when demanding for certain goods and services.
User Nbrew
by
8.6k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.4m questions

12.2m answers

Categories