Explain why scarcity leads to trade offs. Choose all correct answers A. Scarcity leads to trade offs only if you do not have the resources to obtain both goods. B. Since the supplies of virtually all goods are limited, and since human wants are unlimited, there is competition between individuals. C. If you want a certain good, you have to give up something else to get it, whether that be time, money, labor or another good offered in trade. D. If you want a certain good, you have to give up something else to get it, unless you have enough money for both

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Kaylie Clarke

Business

26 March, 14:53

Explain why scarcity leads to trade offs. Choose all correct answers A. Scarcity leads to trade offs only if you do not have the resources to obtain both goods. B. Since the supplies of virtually all goods are limited, and since human wants are unlimited, there is competition between individuals. C. If you want a certain good, you have to give up something else to get it, whether that be time, money, labor or another good offered in trade. D. If you want a certain good, you have to give up something else to get it, unless you have enough money for both

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Ismael Chambers · Answer 1

Answer: Option D

Explanation: In simple words, Scarcity refers to the limited availability of resources in the nature, for the production of goods and services needed to satisfy the unlimited wants.

Thus, the individuals have to allocate their resources in an effective and efficient manner. If any consumer wants to have one goods he have to bear the opportunity cost of loosing the second best choice.

Hence from the above we can conclude that the correct option is D.