Question
Scarce Resource and Opportunity Cost Quick Check What resources do consumers typically have in limited supply that forces them to make trade-off decisions in consumption? (1 point) time, attention, and capital natural resources, land, and labor time, money, and attention money, tabor, and capital
Ask by Kirk Reyes. in the United States
Jan 24,2025
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Answer
Consumers must choose between time, money, and attention due to limited resources.
Solution
Consumers typically have the following resources in limited supply that force them to make trade-off decisions in consumption:
**Time, money, and attention.**
This option reflects the common constraints that individuals face when making choices about how to allocate their resources among various needs and wants.
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Consumers often find their choices restricted by time, money, and attention. Imagine trying to balance a budget for a fun weekend outing while also juggling your work commitments and social plans—every decision counts! Each resource has its limits, prompting individuals to prioritize what they value most in their lives. In this fast-paced world, every choice we make comes with a trade-off. Spending money on a new gadget may mean skipping a night out, while dedicating more time to work might cut down on personal interests or relaxation. Recognizing these trade-offs is essential for making informed decisions that align with personal goals and values!
