Based on the lesson how are individuals and economies similar

Posted By Admin @ September 03, 2022


Based on the lesson, how are individuals and economies similar? They both must decide how to allocate resources. They both must carefully categorize available resources. They both must recognize the issues with nonrenewable resources. They both must choose whether to use more renewable resources.



Answer is Option A: They both must decide how to allocate resources.


Both Individuals and economies should know how to allocate their resources.

If there is scarcity of resources, which will in turn affect production, thereby affecting economy. need to pay attention to where they allocate their resources. Similarly, an individual maintains his family’s economy. He should know how to correctly allocate his resources to manage his and his family’s economy.  Thus, most apt statement is Option A.

They must not only categorize the available resources as per Option B but also think in detail about the non-renewable or resources that are not available. Also, Option C and Option D are incorrect as there are two types of resources, renewable and non-renewable resources, both of which are important.

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