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

Individuals and economies are similar to each other as they both must decide how to allocate resources.  

Further explanation:

The main role of economies is based on the allocation of scarce resources. Economies have limited resources that can be used in various ways and thus face a decision for the allocation of its scarce resources. The individuals face the same decision as they also have endless wants that need to be satisfied with their limited income.  

Justification for correct and incorrect option:

A. They both must decide how to allocate resources: This option is correct.

Economies face a decision regarding the allocation of resources. This is because of the limited resources they have and the unlimited uses of those resources. The individuals also face the same decisions. They have unlimited wants, although have just a limited level of income. This induces the individuals to decide how to allocate resources. In this way, individuals and economies are similar.  

B. They both must carefully categorize available resources: This option is incorrect.

Economies carefully categorize their available resources into renewable and nonrenewable resources. However, individuals face no need to categorize their available resources. Thus, this is not a base for the similarity between individuals and economies.  

C. They both must recognize the issues with nonrenewable resources: This option is incorrect.

Economies face the problems associated with the nonrenewable resources as these resources do not get renewed naturally. However, the individuals do not face the issues related to the nonrenewable resources.  

D. They both must choose whether to use more renewable resources: This option is incorrect.  

Economies make policies to induce people to use more renewable resources. But, individuals not necessarily choose whether to use more renewable resources. Thus, the decision to choose more renewable resources is not common among economies and individuals.  

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Answer details:  

Grade: Middle School

Subject: Economics

Chapter: Functions of Economies

Keywords: how are individuals, and economies, similar, they decide, how to allocate resources, carefully categorize, available resources, recognize the issues, related with, nonrenewable resources, must choose, whether to use, more renewable resources, the similarity between economies and individuals.  

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