Individuals, companies, and governments are required to constantly make choices about how to best utilize resources primarily because there is always a scarcity of resources. Scarcity refers to the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources. This means that because resources (such as time, money, labor, and materials) are finite, people and organizations must make decisions regarding their allocation to meet various needs and desires effectively.
Why are individuals, companies, and governments required to constantly make choices about how to best utilize resources?
They all have more needs than wants.
There is always a scarcity of resources.
They all have more wants than needs.
There is always a shortage of resources.
1 answer