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Why are scarcity and choice basic to study of economics?
Scarcity limits the number of choices available to the consumer. When a commodity is scarce, the consumer does not have a high number of substitute choices available. This means that the seller can raise prices, particularly if the item is high demand.
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.
Why are scarcity and choice basic to the study of economics-?
Capitalist economists wrongly assume that most people have a lot of choice about their economic behaviour, and that scarcity is inevitable, rather than being an artificial consequence of the profit system.
A consequence of the economic problem of scarcity is that?
Scarcity restricts options and demands choices
Kayla is making choices based on?
scarcity.
Why are scarcity and choice basic to study of economics?
Scarcity limits the number of choices available to the consumer. When a commodity is scarce, the consumer does not have a high number of substitute choices available. This means that the seller can raise prices, particularly if the item is high demand.
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.
Why are scarcity and choice basic to the study of economics-?
Capitalist economists wrongly assume that most people have a lot of choice about their economic behaviour, and that scarcity is inevitable, rather than being an artificial consequence of the profit system.
A consequence of the economic problem of scarcity is that?
Scarcity restricts options and demands choices
Kayla is making choices based on?
scarcity.
How does scarcity affect the choices a business makes?
sex with your girlfriend
What is an example of the kinds of choices that a business would have to make because of scarcity?
Scarcity and choice is the basic economic problem. New wants and needs lead to constant scarcity of certain products or services, and this leads consumers and businesses alike to have to make choices. An example is the desire for two different services in a business when resources are limited (say, renovate or reupholster). The choice must be made as to which to do to make the most of available resources.
How does scarcity force us to make choices?
Scarcity forces us to make choices because every individual have unlimited wants to satisfy. And no one can have everything that they desire, as supplies and resources are limited.
What is scarcity how does it affect the way people make ecomomic choices?
Scarcity is the limited availability of a resource. It affects the way people make economics choices by increasing the price and likely the demand of the resource.
The natural fact of scarcity leads to the necessity of making choices?
true
Economics is defined as a study of the?
choices made by people faced with scarcity
The natural fact of scarcity leads to the necessity of making choices.?
true
