Business Studies, asked by ChoiMandy2021, 6 hours ago

Suggest TWO reasons why the concept of ‘scarcity and choice’ is important or
individuals making economic decisions

Answers

Answered by shivkumari81
3

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. A decision to produce one good requires a decision to produce less of some other good.

Explanation:

Hope it helps you

Answered by Anonymous
2

Answer:

As a society, limited resources (such as manpower, machinery, and natural resources) fix a maximum on the amount of goods and services that can be produced. Scarcity requires choice. People must choose which of their desires they will satisfy and which they will leave unsatisfied

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