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Individuals and communities have to make choices from among alternatives.
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∙ 11y ago
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A consequence of the economic problem of scarcity is that?
Scarcity restricts options and demands choices
What is Scarcity and Choice?
scarcity is a situation when demand for a good exceeds its supply even at a zero price and choice is a consequence of scarcity. choice emerges when limited resources are to be used for satisfaction of unlimited wants.
Is scarcity an ongoing condition?
yes
The condition that exists wants exceed the available resources?
Scarcity
Can you compare the relationship between scarcity and the need for choices?
They imply each other and is a necessary consequence. When there is scarcity, in which the resources avaible are not enough to satisfy the human wants, people will need to make choices. So, scarcity will inevitably lead to the need for choices, although the scarcity problem will not be resolved even one has made their choice.
A consequence of the economic problem of scarcity is that?
Scarcity restricts options and demands choices
What is Scarcity and Choice?
scarcity is a situation when demand for a good exceeds its supply even at a zero price and choice is a consequence of scarcity. choice emerges when limited resources are to be used for satisfaction of unlimited wants.
Is scarcity an ongoing condition?
yes
What does scarcity means?
scarcity is the condition of being scarce or less. Usually associated with a certain quantity. Like scarcity of water in a desert. Scarcity of rain in a region
The condition that exists wants exceed the available resources?
Scarcity
Can you compare the relationship between scarcity and the need for choices?
They imply each other and is a necessary consequence. When there is scarcity, in which the resources avaible are not enough to satisfy the human wants, people will need to make choices. So, scarcity will inevitably lead to the need for choices, although the scarcity problem will not be resolved even one has made their choice.
How much is a 1579 coin worth?
It will depend on the scarcity, condition and metal used.
What is ment by economic resources?
Inputs used in production to meet the utility satisfaction in the condition of scarcity.
Which economic condition would most likely cause the price of a product to rise?
scarcity
What terms describes the condition that there are not enough resource to meet all needs and wants?
true
What is the noun form of consequence?
The word 'consequence' IS a noun; a word for a result or effect of an action or condition; a word for importance or relevance; a word for a thing.
The basic economic condition that exists when unlimited wants exceed limited productive resources is called?
Scarcity
