Explain the relationship between scarcity and choice in detail.
Answers
Answered by
1
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
1
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.
Similar questions