Multiple Choice
Karen chooses to go to university full-time rather than to work. Karen:
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0. Basic Principles of Economics
Scarcity and Choice
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A _____ is a choice made from available alternatives.
A
decision
B
market
C
production possibility
D
resource
Verified step by step guidance1
Understand the question is asking for the term that describes a choice made from available alternatives.
Recall that in microeconomics, when an individual or firm selects one option among several possible options, this act is called a 'decision'.
Review the other options: 'market' refers to a place or system where buyers and sellers interact; 'production possibility' relates to the production possibility frontier showing trade-offs; 'resource' refers to inputs used in production.
Since the question focuses on the act of choosing among alternatives, the correct term is 'decision'.
Therefore, the answer is 'decision' because it directly represents the concept of making a choice from available alternatives.
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