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Definition of scarcity and opportunity cost by Bernardo Villegas?
Wiki User
∙ 12y ago
Opportunity cost refers to the economic benefit forgone by using a resource for one purpose rather than another.
Wiki User
∙ 12y ago
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What is scarcity and how does scarcity influence opportunity cost?
Scarcity is a situation where there is not enough to satisfy everyone's wants.
What is the definition of scarity?
what is definition of scarcity
Why can't opportunity costs exist without scarcity?
because opportunity itself is scarce too
How are the concepts of scarcity choice and opportunity cost related?
No, scarcity, choice and opportunity are not related to cost. All of these aspects of business are related to availability. Sometimes, costs plays a role though.
What is the definition a scarcity?
A reduction in the numbers of something.
What is the best definition of scarcity?
A lack of resources.
What is the definition of scarcity?
Scarcity is the lack of availability of something. ie. petrol oppurtunity cost is the next best alternative
What are the 3 main elements of economic problem?
Scarcity, choice, opportunity cost
What are the basic economic concepts illustrated by a PPC?
scarcity,choice and opportunity cost
Why is lord robbins definition the most acceptable definition of economics?
It study Human behaviour "wants and scarcity"
What role do scarcity and opportunity cost play in making management decisions?
If you do not have a resource, you will have to make different decisions. If you have an opportunity come up, you may have to change your plan.
Can opportunity cost be zero?
Opportunity cost can be zero if there are no scarcity in goods and services and resources used to produce such commodities that can lead consumers to make a choice to fulfill their wants
