Based on the lesson, how are individuals and economies similar?

A. They both must decide how to allocate resources.

B. They both must carefully categorize available resources.

C. They both must recognize the issues with nonrenewable resources.

D. They both must choose whether to use more renewable resources.

Question

Valeria Lloyd

History

24 February, 07:46

Based on the lesson, how are individuals and economies similar?

A. They both must decide how to allocate resources.

B. They both must carefully categorize available resources.

C. They both must recognize the issues with nonrenewable resources.

D. They both must choose whether to use more renewable resources.

+3

Answers (1)

Know the Answer?

Yusuf Ritter · Answer 1

The correct answer is A) they both must decide how to allocate resources.

Based on the lesson, individuals and economies are similar because both must decide how to allocate resources.

Individuals, as well as economies, need to pay attention to where they allocate their resources. Many of the resources are renewable but other not. Sometimes scarcity of the resources affects production an this has a considerable impact on the economy. The same happens with an individual. The person needs to allocate correctly its resources so it can manage its own or family economy. It is important to remember that the value of a thing is determined by the resources consumed in the production.