Which of the following are three key components of the economic problem? a. scarcity; choice; giving up valuable opportunities b. surplus; choice; competing opportunities c. scarcity; competing opportunities; income d. surplus; income; giving up valuable opportunities

Q: Which of the following accurately describes the fundamental problem at the core of all economic…

A: Economics is a branch of social science that deals with the efficient allocation of finite resources…

Q: microeconomics

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Q: 1.scarcity 2.choice 3.opportunity

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A: Dear student, you have asked multiple questions in a single post. In such a case, I will be…

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

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A: Production possibility curve shows the trade off between combinations of 2 goods or services.

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A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.