00:01
Okay, so this question asks, the concept of choice would become irrelevant if, a, dealing with one very simple, one -person economy, b, capital was eliminated, c, scarcity was eliminated, d, poverty was eliminated.
00:15
So when we think about choice, we think about competition, we think about trade -offs, right? like, why do people have to make a choice? and so if we look at a, a very simple one -person economy, i guess that would kind of make sense.
00:32
One -person economy, one person buying, one person selling.
00:36
Yeah, then there would be no concept of choice.
00:38
But if we look at b, capital were eliminated, that wouldn't really eliminate the concept of choice.
00:47
What would happen if capital was eliminated? it would be difficult for businesses to sell their things.
00:55
But that doesn't really make sense in this context.
00:59
C, scarcity were eliminated.
01:01
That one makes the most sense here.
01:03
So the main reason that we have to choose between two different options usually is because resources are limited.
01:10
We can't have both.
01:12
If scarcity were eliminated and just everything was available all the time, then we wouldn't even need to face tradeoffs in the first place.
01:19
That's one of the principles of economics is that people face tradeoffs because resources are scarce...