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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 else can I help you with?
How does scarcity force us to make choices?
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.
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.
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.
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 force us to make choices?
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.
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.
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.
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.
As a consequence of the condition of scarcity.....?
Individuals and communities have to make choices from among alternatives.
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"
What 3 questions that scarcity force you to ask?
what are the human wants who will make the needs for humans
What is an example of the kinds of choices that a business would have to make because of scarcity?
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.
Would you have to make choices if you had unlimited resources?
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.
Why do producers and consumers have to make choices?
Because these economic actors exist in a condition of scarcity, which means that they must make trade-offs to achieve their desires. Making trade-offs implies economic choices exist.
Why do people have to make economics choices?
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