Question

One of the Ten Principles of Economics in Chapter 1 is that people face tradeoffs. The growth that arises from capital accumulation is not a free lunch. It requires that societyA.conserve resources for future generations.B.sacrifice consumption goods and services now in order to enjoy more consumption in the future.C.recycle resources so that future generations can produce goods and services with the accumulated capital.D.None of the above is correct.

Answer 1

Answer:

B.sacrifice consumption goods and services now in order to enjoy more consumption in the future.

Explanation: Tradeoff is a term used in Economics to refer to the sacrifice of a particular quality or goods in order to enjoy the benefits of the use of another.

Tradeoffs are applied in Economic decisions especially in a situation where there are two competing needs, it is applied in order to choose the most urgent and necessary while the other can be considered for a later day or period.

Applying tradeoffs in Economic decisions will lead to an increase of one factor or need which will lead to a decrease in another factor or need.