0
What is an example of the kinds of choices that a business would have to make because of scarcity?
Wiki User
∙ 8y ago
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.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
Why do economists say that even rich people face scarcity?
The rich experience scarcity because resources are limited in quantity. For example, one cannot employ 200B people because the population is not enough.
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
Why does scarcity force people to make choices?
The problem of scarcity means that people have to make decisions about what they want most.For example,your teacher might want to buy a wall map and a video.The school may not have enough money to buy both.If your teacher chooses to buy both,he or she gives up the opportunity to buy the map
Scarcity refers to?
Scarcity refers to a very small supply of something. For example for people who are homeless they have a scarce supply of food. Scarcity also means the rarity of occurrence or appearance.
Why do economists say that even rich people face scarcity?
The rich experience scarcity because resources are limited in quantity. For example, one cannot employ 200B people because the population is not enough.
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.
Why does scarcity force people to make choices?
The problem of scarcity means that people have to make decisions about what they want most.For example,your teacher might want to buy a wall map and a video.The school may not have enough money to buy both.If your teacher chooses to buy both,he or she gives up the opportunity to buy the map
What is an example to explain the concept of scarcity?
Mixed economy
Scarcity refers to?
Scarcity refers to a very small supply of something. For example for people who are homeless they have a scarce supply of food. Scarcity also means the rarity of occurrence or appearance.
Can you offer an example of an example of an Acrostic poem using the word Scarcity?
Sure! Here's an example acrostic poem using the word "Scarcity": Spiraling resources vanish, Cries of the needy rise, Aching hearts, hungry souls, Rationing becomes the norm, Cities gripped by wants, In the shadow of scarcity.
Where could a company find business comunication services?
It depends on where your company is located but as you will know there are so many choices for business communication services, for example you can check out the website of chron.
What are some of the best college majors for a career?
To decide which college major is best for a career is difficult because there are many career choices available. For example, computer science, nursing and business are all very popular.
Is business rates an expenses?
Yes, it's an expense for the business. Because business rate include rent, for example.
What is a domestic business and give the example of some domestic business organasations?
Domestic business is a business that was founded in the country and stays in the country like for example Texas has HEB which is domestic because its only in Texas but Mcdonalds would be international because its everywhere
How do you use the word scarcity in a sentence?
Scarcity is the state of being in a short supply. An example of using it in a sentence would be "The scarcity of water caused the state to pass water rationing laws". The word 'scarcity' is a noun, which functions as the subject of a sentence or clause, and as the object of a verb or a preposition.Examples:A scarcity of good jobs has forced many to relocate. (subject of the sentence)The flood caused a scarcity of housing. (direct object of the verb 'caused')
What Is an example of Scarcity?
car city means that in this city you can only ride cars
