Question

WHAT are the relationship between scarcity choice and opportunity cost

Answer 1

Answer:

The opportunity cost of a choice is the value of the best alternative given up. Scarcity is the condition of not being able to have all of the goods and services one wants. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources.

Answer 2

Scarcity, choice and opportunity cost involved for choosing the best from the choices available.

Explanation:

• The opportunity cost is the cost of next best alternative forgone.
• Scarcity means it is the condition a person is not being able to never enough resources to satisfy all human wants.
• If the humans consume level is higher than production level the scarcity wil occur.
• Scarcity affects our choices and decisions.
• In cycle of poverty effects of scarcity contribute more.
• Choice refers to it is the decision which want to satisfy first with the  use of scarce resources.

To Learn More...

1.Explain the relationship between the concepts of wants, scarcity, choice and opportunity cost in Economics

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2.Explain the link between scarcity, choice and opportunity cost.

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