Describe The Relationship Between Scarcity, Choice And Opportunity Cost?


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humiee n.s Profile
humiee n.s answered
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.
Anonymous Profile
Anonymous answered
Sing our limited resources ot produce the items that we value most highly

I'm always the best
Joe B. Profile
Joe B. answered
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?
Figo Baderoodien Profile
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

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