Question Nine (9): The world has limited resources or limited factors of production (labor, capital, land, and entrepreneurship). These limited resources are met with the unlimited wants of all societies (we all want to consume these resources to the max but there is not enough to go around). This results in the economic problem of scarcity which leads the rational man (economic agent) to be forced to make a choice. Making a choice means that, you have to face an opportunity cost. So, *limited resources lead to the economic problem of scarcity. This, in turn, forces economic agents to make choices and thus incur opportunity costs.
* According to what you have studied about (scarcity, choice, opportunity cost, and factors of production. If you will put up your own business, how will you answer the three economic questions: (What to produce? How to produce? For whom to produce?).