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 forces us to make choices because every individual have unlimited wants to satisfy. And no one can have everything that they desire, as supplies and resources are limited.
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.
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.
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.
First off, getting to know how people, firms, governments and banks make choices when it comes to scarcity.
Scarcity forces us to make choices because every individual have unlimited wants to satisfy. And no one can have everything that they desire, as supplies and resources are limited.
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.
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.
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.
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.
First off, getting to know how people, firms, governments and banks make choices when it comes to scarcity.
Individuals and communities have to make choices from among alternatives.
"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"
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.
what are the human wants who will make the needs for humans
unlimited resources would mean that scarcity does not exist. And if scarcity does not exist, then of course, there's no opportunity cost. we can buy anything we want with enough income.
Advantages: Stubbornness can help someone stay committed to their goals, persevere through challenges, and resist negative influences. Disadvantages: Being stubborn can lead to closed-mindedness, conflict in relationships, and missed opportunities for growth and learning.