How are the terms scarcity and choice related to each other?
Answers
Answered by
8
Answer:
Scarcity means that people want more than is available. Scarcity limits us both as individuals and as a society. ... Economics is sometimes called the study of scarcity because economic activity would not exist if scarcity did not force people to make choices. When there is scarcity and choice, there are costs.
Similar questions