Some consumers have limited money to spend on a large supply of potential products. the idea that a consumer needs to pick how to use a scarce resource is known as demand choice scarcity opportunity cost

The answer is indeed "choice".

Explanation:

In Economics, the fact that consumers have limited resources to satisfy all their needs is known as scarcity. The decisions those consumers have to make concerning how to use such scarce resources and what needs they choose to satisfy - since they cannot satisfy all of them - are known as choices.

Economics is the very study of how society chooses to use limited resources to satisfy unlimited material wants.

after the senate and the house passed different bills and deadlock threatened, a compromise bill was worked out with the following provisions: (1) missouri was admitted as a slave state and maine (formerly part of massachusetts).