The reason that opportunity costs arise is that

A) people have unlimited wants.
B) there are no alternative decisions that could be made.
C) an economy relies on money to facilitate exchange of goods and services.
D) resources are scarce.

Question

Bhuwan Kuikel · Accepted Answer

Final Answer : D, Explanation :  Opportunity costs arise because resources are scarce. This means that there are not enough resources, such as land, labor, or capital, to produce all the goods and services that people want. As a result, individuals, businesses, and governments must make choices about how to allocate these scarce resources. When a decision is made to produce one good or service, the opportunity cost is the value of the next best alternative that could have been produced with those resources.

The reason that opportunity costs arise is that

A) people have unlimited wants.
B) there are no alternative decisions that could be made.
C) an economy relies on money to facilitate exchange of goods and services.
D) resources are scarce.

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Learning Objectives

Related questions

The reason that opportunity costs arise is thatA) people have unlimited wants.B) there are no alternative decisions that could be made.C) an economy relies on money to facilitate exchange of goods and services.D) resources are scarce.

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Learning Objectives

Learning Objectives

Related questions

The reason that opportunity costs arise is that

A) people have unlimited wants.
B) there are no alternative decisions that could be made.
C) an economy relies on money to facilitate exchange of goods and services.
D) resources are scarce.