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Q 1 Discuss in detail the term economic resources with reference to service industry Explain the link between scarcity choice and opportunity cost?
Scarcity: the inability of economic actors to satisfy their wants and need to make trade-offs to achieve their optimal outcome.
Opportunity cost: the highest-valued alternative action forgone as the result of taking an action.
Link: scarcity implies all wants cannot be met. To meet our wants, we make trade-offs. Trade-offs involve opportunity costs because we must sacrifice alternatives outcomes for the rational (optimal outcome). Therefore, opportunity costs are the price we pay to trade-off in the condition of scarcity.
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What has the author Harry F Campbell written?
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They have a huge oil industry. President Obama mentioned it a couple of times.
Economic profits in an industry suggest the industry?
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What has the author Ernest Raymond Lilley written?
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What is opportunity cost in hotel industry?
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What has the author Charles St Julian written?
Charles. St. Julian has written: 'The productions, industry, and resources of New South Wales' -- subject(s): Accessible book, Economic conditions, Natural resources
