Question

Due to scarce resources, every individual, whether rich or poor, faces a(n)cost when choosing to produce or consume more of one good over another.

Answer 1

Due to scarce resources, every individual, whether rich or poor, faces an opportunity cost when choosing to produce or consume more of one good over another.

What is the problem with scarce resources?

The gap between scarce resources and hypothetically unbounded needs is referred to as scarcity and is a fundamental economic issue. In order to meet both basic necessities and as many additional wants as feasible, people must decide how to spend resources effectively.

The value of the best option foregone is the opportunity cost of a decision. The state of not being able to obtain all the commodities and services one desires is known as scarcity. It exists because there are more commodities and services that people demand than can be produced with all of the available resources.

Learn more about Opportunity costs here:

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