Explain why choices have to be made about how recources are allocated in the economy.
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choice is necessary because the resources have alternative uses they can be used to produce many things
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Answer...
The basic economic problem is that needs and wants are unlimited, but resources are scarce. ...
Scarcity means that resources are limited, and because resources are scarce, people must make choices.
Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.
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