Economics
Textbooks
Boundless Economics
Principles of Economics
Individual Decision Making
Economics Textbooks Boundless Economics Principles of Economics Individual Decision Making
Economics Textbooks Boundless Economics Principles of Economics
Economics Textbooks Boundless Economics
Economics Textbooks
Economics
Concept Version 7
Created by Boundless

Scarcity Leads to Tradeoffs and Choice

Tradeoffs

Tradeoffs

Since resources are scarce for a drink manufacturer, it must make a tradeoff between producing bottles of water and bottles of soda.

Source

    Boundless vets and curates high-quality, openly licensed content from around the Internet. This particular resource used the following sources:

    "Steven Hinson, The Invisible Hand and Allocative Efficiency. October 18, 2013."
    http://cnx.org/content/m42970/latest/ OpenStax CNX CC BY 3.0.

Related Terms

  • Scarce
  • Opportunity cost
  • Subjects
    • Accounting
    • Algebra
    • Art History
    • Biology
    • Business
    • Calculus
    • Chemistry
    • Communications
    • Economics
    • Finance
    • Management
    • Marketing
    • Microbiology
    • Physics
    • Physiology
    • Political Science
    • Psychology
    • Sociology
    • Statistics
    • U.S. History
    • World History
    • Writing

    Except where noted, content and user contributions on this site are licensed under CC BY-SA 4.0 with attribution required.