Question 2
Basic ConceptsThe logical sequence of basic concepts in economics is
- A.wants, choice, scarcity and opportunity cost
- B.scarcity, choice, scale of preference and opportunity cost
- C.wants, scarcity, choice and opportunity cost
- D.scarcity, wants, choice and scale of preference
Show the answer and explanation
Answer: C (wants, scarcity, choice and opportunity cost)
Explanation
Human wants come first; resources to meet them are scarce, so we must choose, and every choice has an opportunity cost.