Explain the relationship between scarcity , opportunity cost and choice
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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 achoice is made.
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ֆƈǟʀƈɨȶʏ ɨʍքʟɨɛֆ ȶɦǟȶ աɛ ʍʊֆȶ ɢɨʋɛ ʊք օռɛ ǟʟȶɛʀռǟȶɨʋɛ ɨռ ֆɛʟɛƈȶɨռɢ ǟռօȶɦɛʀ. ... ȶɦɛ օքքօʀȶʊռɨȶʏ ƈօֆȶ օʄ ǟռʏ ƈɦօɨƈɛ ɨֆ ȶɦɛ ʋǟʟʊɛ օʄ ȶɦɛ ɮɛֆȶ ǟʟȶɛʀռǟȶɨʋɛ ȶɦǟȶ ɦǟɖ ȶօ ɮɛ ʄօʀɢօռɛ ɨռ ʍǟӄɨռɢ ȶɦǟȶ ƈɦօɨƈɛ.
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