What Are Resources

question 19

Multiple Choice

What are resources?

• A) quantities that are known and available for exploitation with current technologies at current prices
• B) substances that are known to exist, but are held back to save them for the future
• C) estimates of the quantities likely to be discovered with greater exploration
• D) all substances that may someday be used
• E) resources that have been mined, but are currently in storage and will be utilized when prices rise

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Definitions:

Opportunity Cost

The exclusion of favorable outcomes from different choices upon selecting one option.

Increasing Opportunity Cost

A scenario where choosing more of one option increasingly limits the ability to choose other options, demonstrating the trade-offs in resource allocation.

Straight Line

A direct path between two points in a plane or three-dimensional space, having no curvature.

Opportunity Costs

The expense of the best alternative given up to make a choice.