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Which of the following best explains why resources need to be allocated in the game of economics?

  • Question 8c of 25 - Scarcity

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of the following best explains why resources need to be allocated in the game of economics?
  • Answers:
  1. There are always different production methods for the same goods and services.
  2. There are not enough resources to produce all of the goods and services that everyone wants.
  3. Natural resources are often found in places far from where they are used for production.
  4. If sufficient resources are not set aside for future production, scarcity cannot be eliminated.

The correct answer is: There are not enough resources to produce all of the goods and services that everyone wants. Scarcity makes allocation decisions necessary.

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