Question
Why do economic decisions require individuals, businesses, and governments to make trade-offs?
Responses
Choosing to create certain products is the only way to allocate resources in ways that meet everyone’s wants and needs.
Choosing to create certain products is the only way to allocate resources in ways that meet everyone’s wants and needs.
Trading goods or services for one another, rather than using paper money, is the only way to ensure a stable and predictable economy.
Trading goods or services for one another, rather than using paper money, is the only way to ensure a stable and predictable economy.
The balance of power between the labor force in a society and those who own the means of production must be maintained.
The balance of power between the labor force in a society and those who own the means of production must be maintained.
Using the resources needed to buy or make one good or service means not having those resources to buy or make another.