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Scarcity of resources forces people to make choices between a number of options available to us everyday. People are forced to chose which of their needs & wants they want to satisfy and which desires will they leave.
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∙ 9y ago
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What is an example to explain the concept of scarcity?
Mixed economy
Why is the concept of scarcity important in rich countries as well as poor ones?
Scarcity = limited resources of the earth. Developed countries have better technology and organization to deal with scarcity, but scarcity is still there
The key economic concept that serves as the basis for the study of?
Scarcity
The concept of comes about when you have unlimited wants as well as limited resources?
Scarcity
which statement best describes the economic concept of scarcity?
People have unlimited wants and limited resources to fulfill them.
Discuss the concept of scarcity?
The concept of scarcity is rather simple. Something is considered to be scarce when it is very limited, unavailable momentarily, or understocked.
What is an example to explain the concept of scarcity?
Mixed economy
When you are forced to make choices you are facing the concept of?
Decision-making. It involves selecting between two or more alternative options, often based on evaluating their pros and cons or considering the trade-offs involved. The process can be influenced by factors such as personal values, preferences, and available information.
Why is the concept of scarcity important in rich countries as well as poor ones?
Scarcity = limited resources of the earth. Developed countries have better technology and organization to deal with scarcity, but scarcity is still there
The key economic concept that serves as the basis for the study of?
Scarcity
What concept comes about when you have unlimited wants as well as limited resources?
scarcity
The concept of comes about when you have unlimited wants as well as limited resources?
Scarcity
What concept means to have unlimited wants with limited resources?
scarcity economics
Concept of scarcity?
Scarcity is the economic issue of unlimited wants of very limited resources or products. Sometimes a highly desired resource or product simply can not be produced. This causes a state of scarcity.
which statement best describes the economic concept of scarcity?
People have unlimited wants and limited resources to fulfill them.
The concept of blank comes about when you have unlimited wants as well as limited resources?
scarcity
Which economic concept is associated with rationing during world war ii?
scarcity
