In addition to limited availability of resources, what is the other reason which compels every economy to decide on how to use its resources:
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Shift 05/06/2023 8:30 AM - 10:30 AM
A
Optimum utilisation of resources without cost advantage
B
Resources do have competing usages
C
Minimum wastage of resources
D
Economical usage of resources
Correct Answer
Resources do have competing usages
Detailed Explanation
The other reason, in addition to limited availability of resources, which compels every economy to decide on how to use its resources is:
(2) Resources do have competing usages.
- Resources in any economy are limited and can be used for various competing purposes.
- To make the most efficient and effective use of these limited resources, economies must decide on how to allocate them among the different competing uses to maximize overall welfare and economic well-being.
- This involves making choices to avoid wastage and ensure that resources are put to their best possible use.
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