Question

scarcity of resources gives raise to

Answer 1

Therefore, scarcity of resources gives rise to the fundamental economic problem of choice. As a society cannot produce enough goods and services to satisfy all the wants of its people, it has to make choices. Choices or alternatives (or opportunity cost) are illustrated in terms of a production possibility curve.

Answer 2

Answer:

Therefore, scarcity of resources gives rise to the fundamental economic problem of choice. As a society cannot produce enough goods and services to satisfy all the wants of its people, it has to make choices. Choices or alternatives (or opportunity cost) are illustrated in terms of a production possibility curve