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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.
Who is impacted by the problem of scarcity?
Everyone is impacted by the problem of scarcity at some point in their lives. Some people face water scarcity for example.
What is an example to explain the concept of scarcity?
Mixed economy
Explain how scarcity requires individuals and nations to make decisions about resources?
bob
What effect does scarcity have on the choices people and countries make?
Before getting to the affects, lets see what Scarcity and Opportunity Cost means. In simplest term scarcity means limited/less resources to fulfill the requirements of people. On the other hand Opportunity cost means next best alternative foregone. There are limited resources and the needs and wants of people are very high. Due to limited resources there is scarcity and opportunity cost takes place because everyone's wants and needs cannot be full filled. This leads to using best alternatives to serve the needs. Now these affects can both be positive (helpful in fulfilling needs) or negative, depending on the decisions and alternatives opted.
What is scarcity and how does scarcity influence opportunity cost?
Scarcity is a situation where there is not enough to satisfy everyone's wants.
Explain how the decisions you make as a consumer influence the economy?
everyone as a consumer affects the economy on what they spent and how they spent
Explain how the decisions you make as a consumer influence the economy.?
everyone as a consumer affects the economy on what they spent and how they spent
What does not describe scarcity?
rarely affects the system of supply and demand
Which does not describe scarcity?
rarely affects the system of supply and demand A+
How scarcity affects a city manager?
Scarcity means that there are not enough supplies to fill the demand. Therefore, scarcity means that a city manager does not have enough supplies to fill the demand.
Who is impacted by the problem of scarcity?
Everyone is impacted by the problem of scarcity at some point in their lives. Some people face water scarcity for example.
What is an example to explain the concept of scarcity?
Mixed economy
What is global water scarcity?
Global water scarcity is that the world doesn't have enuff water to supply everyone on the planet.
Explain how scarcity requires individuals and nations to make decisions about resources?
bob
What exists when a society does not have all the resources that everyone wants?
Economically speaking its scarcity
What effect does scarcity have on the choices people and countries make?
Before getting to the affects, lets see what Scarcity and Opportunity Cost means. In simplest term scarcity means limited/less resources to fulfill the requirements of people. On the other hand Opportunity cost means next best alternative foregone. There are limited resources and the needs and wants of people are very high. Due to limited resources there is scarcity and opportunity cost takes place because everyone's wants and needs cannot be full filled. This leads to using best alternatives to serve the needs. Now these affects can both be positive (helpful in fulfilling needs) or negative, depending on the decisions and alternatives opted.
