The basic ingredients in any economic decision are

A) scarcity and choice.
B) surpluses and shortages.
C) market prices and the use of efficient production methods.
D) needs and wants.

Scarcity and Choice

Refers to the fundamental economic problem of having unlimited human wants in a world of limited resources, leading to the necessity of making choices on how to allocate resources efficiently.

Economic Decision

A choice made by individuals, businesses, or governments that involves the allocation of resources, considering the costs and benefits to optimize outcomes.

Surpluses and Shortages

Conditions where the quantity of a good or service exceeds or falls short of the quantity demanded at a given price.