Question

which statements accurately describe how scarcity affects decision - making for individuals, businesses, and governments when they face unlimited wants but limited resources? (select the three correct answers.) (1 point)
resources are infinite and can be used without limitation
consumers always get everything they want
businesses must choose which products to produce with limited resources
individuals must prioritize spending based on available income
governments must allocate budgets to meet competing societal needs
decision - making is not impacted by resource constraints

Explanation:

Scarcity means limited resources. Businesses decide product - mix, individuals budget spending, and governments allocate funds due to scarcity. Resources are not infinite, and consumers can't always get what they want, and decision - making is highly impacted by resource constraints.

Answer:

C. Businesses must choose which products to produce with limited resources
D. Individuals must prioritize spending based on available income
E. Governments must allocate budgets to meet competing societal needs