Question

what is one of the basic principles of economics? societys resources are unlimited. people never put their own interests as their first priority. if people demand a product, then businesses are required to supply it. society and its individuals have unlimited wants. 3 pts question 2 clyde is pursuing two clients for his consulting business. time constraints prevent him from pursing both opportunities simultaneously. clyde has a higher probability of landing client a but the revenue generated would be smaller. the decision about which client to pursue is an example of which economic principle? rational self - interest trading scarcity opportunity cost

Explanation:

• For the first question, one of the basic principles of economics is that society and its individuals have unlimited wants while resources are limited. The other options are incorrect as resources are limited, people often act in self - interest, and businesses are not always required to supply demanded products.
• For the second question, opportunity cost is the value of the next best alternative forgone. Clyde has to choose between two clients, and by choosing one, he gives up the potential of the other, which is an example of opportunity cost. Rational self - interest refers to making decisions that maximize one's own well - being, trading is the exchange of goods and services, and scarcity refers to limited resources in general.

Answer:

• Question 1: Society and its individuals have unlimited wants.
• Question 2: opportunity cost