What is the problem of economic choice? What is the selection price?

7. What is the problem of economic choice? 8. What is the selection price? 9. Can all the needs of society be met? 10. What income can be obtained by using resources such as LABOR, LAND, CAPITAL? 11. For whom is INTEREST, RENT and Wages and salaries are income, and for whom is payment? 12. Why is it impossible to provide the entire population of the country with goods and services infinitely? 13. What methods of rational and efficient use of resources are used in production?

7. The problem of economic choice is that the choice of one economic good implies the rejection of another.
8. The price of choice is the profit, the opportunities that you could get if you chose another economic benefit.
9. It is impossible to satisfy all the needs of society, since they are unlimited
10. When using land, you can get income – rent, when using capital – interest, when using labor – wages.
11. Interest, rent, wages are income for employees, and pay for employers.
12. It is impossible to provide the entire population with resources infinitely, since resources are limited, and the needs of people, on the contrary, are unlimited.
13. Scientific and technological progress, economies of scale, rational use of resources, increasing labor efficiency