0
What is scarcity how does it affect the way people make ecomomic choices?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
Add your answer:
Earn +20 pts
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.
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.
How does water scarcity affect the lives of people in the cold and hot deserts respectively?
how does water scarcity affect the lives of people in the cold and hot deserts
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.
How does scarcity affect businesses?
People (consumers) have unlimited wants, but businesses do not have enough goods (supply) to fulfill these demands.
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"
How did The Bill of Rights affect individual choices?
it affected choices by people now wanting to choose what to say do and other things.
What is ecomics depression?
a period of low ecomomic activity when many people lose their jobs
How do the narrators choices affect the people of borneo?
the people now face new threats to their livelihood
How do the narrator choices affect the people of borneo?
They are worse off than they were before.
