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Individuals and businesses must choose between the different uses for their available resources. This is called ______ resources and is due to the concept of ______.

Sagot :

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The term by which individuals and businesses choose between the different use of available resources is called allocating and it is due to the concept of scarcity.

What is Scarcity?

According to economics, Scarcity signifies that the demand for a product or service exceeds the supply of that product or service.

It is the underlying truth of existence that there is only a finite number of human and nonhuman resources for each economic product.

Therefore, Individuals and business corporations must choose between several uses for the available resources they have from the idea of allocating resources and due to the concept of scarcity.

Learn more about scarcity here:

https://brainly.com/question/1088553

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