Answered

Connect with a community that values knowledge and expertise on IDNLearn.com. Discover in-depth and trustworthy answers from our extensive network of knowledgeable professionals.

which do you think we would rather have in our economy - efficiency and underutilization

Sagot :

Answer:Just as individuals cannot have everything they want and must instead make choices, society as a whole cannot have everything it might want, either. This section of the chapter will explain the constraints faced by society, using a model called the production possibilities frontier (PPF). There are more similarities than differences between individual choice and social choice. As you read this section, focus on the similarities.  Because society has limited resources (e.g., labor, land, capital, raw materials) at any point in time, there is a limit to the quantities of goods and services it can produce. Suppose a society desires two products, healthcare and education.

Explanation:

We value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. Thank you for visiting IDNLearn.com. We’re here to provide clear and concise answers, so visit us again soon.