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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 else can I help you with?
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.
How does scarcity lead to choices for the consumer?
when scarcity excited it lead to people making a choice whether to buy it or not to buy it.
Economics is defined as a study of the?
choices made by people faced with 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.
The concept of scarcity force's people to?
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.
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.
How does scarcity lead to choices for the consumer?
when scarcity excited it lead to people making a choice whether to buy it or not to buy it.
Economics is defined as a study of the?
choices made by people faced with 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.
The concept of scarcity force's people to?
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.
What are the approaches of studying economics?
First off, getting to know how people, firms, governments and banks make choices when it comes to scarcity.
What effect do the values of Buddhism have on the choices people make?
Everything
The scarcity of people to work the land and the amount of land available was of the conditions in England.?
The scarcity of people to work the land and the amount of land is one reason why Britain explored the world and colonized most of the countries.
Economics may best be defined as the?
"A number of assumptions designed to prove that perfect competition is better than imperfect competition" :) Ok, in my opinion, it is "a branch of sciences that studies markets"
Why might economic scarcity lead to increased warfare?
it might lead to warfare because people will figh other countries for there resources
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.
How does scarcity affect rich people?
Scarcity affects rich people by influencing their investment strategies and consumption habits. Even wealthy individuals may prioritize limited resources, seeking exclusive products or experiences that enhance their status. Additionally, scarcity can drive competition among the affluent for rare assets, leading to increased prices and potential financial risks. Ultimately, while they have more resources to navigate scarcity, rich individuals are not immune to its impacts on their choices and opportunities.
