In the Production of Goods and Services, Trade-Offs Exist Because

question 81

Multiple Choice

In the production of goods and services, trade-offs exist because

• A)not all production is efficient.
• B)society has only a limited amount of productive resources.
• C)buyers and sellers often must negotiate prices.
• D)human wants and needs are limited at a particular point in time.

---

Definitions:

Liabilities

Financial obligations or debts a company owes to others, which must be settled over time.

Payments

Transactions in which money is transferred from one party to another, often in exchange for goods or services.

Priority

The status of having precedence or more importance in comparison to other issues or tasks.

Unsecured Liabilities

Obligations or debts that are not protected by collateral, meaning the lender does not have claims on specific assets of the borrower if the debt is not repaid.