Economy, asked by Shrikrishan2717, 11 months ago

Explain the relationship between scarcity and choice in detail.

Answers

Answered by xKinGx

Answer:

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.

Answered by Anonymous

Answer:

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

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