Question

Explain the link between scarcity and opportunity cost

Answer 1

Answer:

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Scarcity — The condition that exists when there are not enough resources to satisfy all the wants of individuals or society. Choices — The decisions individuals and society make about the use of scarce resources. Opportunity Costs — The next highest valued alternative that is given up when a choice is made.

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Answer 2

Explanation:

Scarcity — The condition that exists when there are not enough resources to satisfy all the wants of individuals or society.

Choices — The decisions individuals and society make about the use of scarce resources. 

Costs — The next highest valued alternative that is given up when a choice is made.