6.) What are the two most important assumptions in all of economics? The idea of scarcity and the idea of cost. The idea of unlimited resources and the idea of benefit. The idea of limited wants and the idea of cost. 2 points

## Step 1<br />The question asks us to identify the two most important assumptions in all of economics. The options provided are:<br />- The idea of scarcity and the idea of cost.<br />- The idea of unlimited resources and the idea of benefit.<br />- The idea of limited wants and the idea of cost.<br /><br />## Step 2<br />The first option, "The idea of scarcity and the idea of cost," is the correct answer. These two concepts are fundamental to economics. <br /><br />## Step 3<br />Scarcity refers to the basic economic problem that arises because people have unlimited wants but resources are limited. This means that there are not enough resources to fulfill all the wants and needs of individuals.<br /><br />## Step 4<br />Cost, on the other hand, refers to the value of the next best alternative that is given up when making a choice. This concept is central to the study of economics as it helps to understand the trade-offs and opportunity costs involved in decision-making.