13. Because we face scarcity, every 1 point
choice involves :-*
0 the question "what"
O money
O giving up something for nothing
O an opportunity cost
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Answer:
an opportunity cost
Explanation:
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The choice involves an opportunity cost
- Due to scarcity, people are all confronted with the fact that our abilities are limited.
- Due to scarcity, whenever one thing is done, a person must inevitably forego doing something else valuable.
- The entire amount of money a person needs to forfeit in order to achieve what they desire in terms of other commodities is the opportunity price.
- For example: If one spends time and money going to the movies, they can't spend that time reading a book at home, and can't spend the money on something else.
- Therefore, as scarcity is faced an opportunity cost is involved.
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