choice arise out of scarcity

Q: With which of the problems faced by every society is microeconomics primarily concerned

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: Explain the link between scarcity and each of the following (a) choice (b) opportunity cost (c) the…

A: Hi, thank you for the question. As per our Honor code, we are allowed to attempt only first three…

Q: Explain the economic concept of scarcity.

A: Scarcity is considered as a basic economic problem, it refers the shortage of resources to meet the…

Q: explain na link between scarcity and choice

A: In an economy, people interact to make various relations such as social, cultural, and economical.…

Q: Which of the following statements about economic scarcity is FALSE? O Scarcity occurs among the poor…

A: Human wants are unlimited and there are limited resources to produce the given wants so there is…

Q: Briefly discuss why societies cannot make a choice above their production possibilities curve and…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: Explain the link between scarcity and each of the following a) choice b) opportunity cost c)…

A: By scarcity, we mean limited. For example, scarcity of resources means we have limited resources…

Q: explain na link between scarcity and opportunity cost

A: Scarcity refers to the limited availability of scarce resources than the required level. Opportunity…

Q: Explain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (c)…

A: The link between each of the following and scarcity is given as follows: a) Choice and scarcity:…

Q: how does scarcity affect enconomic decisions?

A: Scarcity implies that the demand for a good or service is more prominent than the accessibility of…

Q: What is an Opportunity Cost in economics? Answer by giving an example.

A: Opportunity costs are the cost that represents the potential advantages an individual, investor, or…

Q: does scarcity relates to price

A: Scarcity is the state of having shortage of resources than actually required.

Q: What is scarcity? Can you think of 2 causes of scarcity?

A: Scarcity is the basic economic problem and can also be considered as the fact of life. It is…

Q: It is said that we cannot solve economic problems by making economic solution alone. If is this so.…

A: Economics is the studying of economics as a science. It's a style of thinking about how economies…

Q: What is the importance and benefits of microeconomics?

A: Economics is the study of how the scarce resources of society are exploited. Economics is a social…

Q: Suppose an economy produces clothing and food only. The following table shows the production…

A: The production possibilities frontier (PPF) represents all the possible production combination of…

Q: what is artificial scarcity ?

A: Scarcity is defined as shortage of goods or resources. Scarcity is a naturally occurred shortage,…

Q: How does the production possibility frontier demonstrates the basic economic problem of scarcity.

A: The economic problem of scarcity stems from the fact that our needs and wants are unlimited,…

Q: What happens when production is inside the production possibilities curve? The production is not…

A: Production possibilities curves represent the possible production of the goods and services with…

Q: What is normative statement, explain with an example?

A: Economics is based on two concepts wherein the theoretical part is divided into positive and…

Q: Differentiate between normative and positive economics ?

A: Positive economics: It is all about the economic issues that were there in the past, are there in…

Q: Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resource

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: what does the absence of scarcity in an economy reflect in a graph?

A: In the absence of scarcity, the production of one good does not reduce the availability of resources…

Q: Can the practice of reusing help us tackle the problem of scarcity? Discuss briefly.

A: The problem of scarcity is the gap between limited resources and unlimited wants. If demand for any…

Q: In Mark Skousen’s article, “What is Economics, Anyway?,” he bemoans the apparent fact that the…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: How does competition arise out of scarcity?

A: The problem of scarcity is inherent in every economy because resources are limited in every economy…

Q: Why is the economic concept of scarcity a crucial onefor businesspeople to understand?

A: Economics as a subject is used to study and plan the allocation of scarce resources among humans…

Q: What is the major difference between microeconomics and Marcoeconomics.

A: Economics is categorised in two category microeconomics and macroeconomics. Individual and corporate…

Q: Explain how scarcity is determined in our economy

A: Scarcity is well defined when ends available to fulfill the need are limited and not easily…

Q: What is scarcity? Can you think of two causes of scarcity?

A: Scarcity is the lack of resources. If the demand for a commodity exceeds the availability, then…

Q: According to the article of Jan 18, 2016 "several Canadians are nominated for Oscars" answer the…

A: Production possibility frontier (PPF) shows a probable combination of two commodities produced in an…

Q: What is the Importance of Micro-economics. Or Write a short note on the importance of micro…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: What determines whether or not a resource is scarce? Why is the concept of scarcity important to the…

A: The scarcity of resources is determined when the demand for resources is more than the availability…

Q: Why is scarcity an essential concept in economics?

A: Social science studies human behavior in different societies, the relationships, and the functions…

Q: idea of scarcity

A: Scarcity, in general, is the lack of availability of a good. In economics, scarcity is defined as an…

Q: Carefully define the following terms and explain their importance to the study of economics. A.…

A: When you want to decide between two alternatives, you must look at loss and gains from each…

Q: Why choice arise as a result of scarcity?

A: Opportunity costs are the potential advantages that an individual, an investor, or an organisation…

Q: Explain what is meant by opportunity cost of choice

A: The Opportunity cost of alternative is the benefits that has to forego which are available to us…

Q: Describe the linkage between “Scarcity” and each of the following; i. Choice ii. Opportunity Cost…

A: (i) Link between scarcity and choice. Scarcity would involve selection. People choose which of their…

Q: following

A: Scarcity refers to the basic problem being economic in nature which is basically limitless wants and…