Describe The Relationship Between Scarcity, Choice And Opportunity Cost?

Question

Describe The Relationship Between Scarcity, Choice And Opportunity Cost?

6 Answers

Answer Question

Answer 1

The basic economic problem is scarcity that is we have limited resources and our wants are unlimited.therefore we have to make a choice since we cannot produce everything because of lack of resources and this involves an opportunity cost.since if we want to produce good x we have to forego or sacrifice good y.

Answer 2

William Harkin answered

Scarcity is the lack of something.Choice, is a preference for one thing over another

Answer 3

Sing our limited resources ot produce the items that we value most highly

I'm always the best

Answer 4

Economics, Scarcity and Choice... Okay
So you got so much money, do you pay the electric bill, do you buy food or do you pay rent?
Sure it will take a bit to be evicted on late rent, and the food is reasonably cheap in comparison, but if you buy the food, will you have a means to cook it if you don't pay the electric?

Answer 5

Anonymous answered

what is economic system

Answer 6

Scarcity is when the is "product " that is not there or hard to get... Eg in jhb south africa good women are scarce hence we need to import them making them more expensive....opportunity cost is when there are two or more possible options and you choose one eg... There are women in johannesburg you """choose""" a good one hence the opportunity cost could be that you hafe to pay more