Why are individuals companies and governments required to constantly make choices about how to best utilize resources?

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asked Jul 23, 2018 108k views

2 Answers

Andreas F · Answer 1 · 2018-07-27T15:42:33+0000

There is always a scarcity of resources.
EXPLANATION: Every time we choose to use a resource in one way we are giving up another way in which the resource could be used. For example, farmers who choose to plant corn on 100 acres give up the choice of using those same acres to plant wheat.

Why are individuals companies and governments required to constantly make choices about how to best utilize resources?

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