Which statement best describes how scarcity is an important part of business economics? Scarcity permits consumers to establish the cost at which producers will manufacture goods. Scarcity forces consumers and producers to consider the opportunity costs of decisions. Scarcity forces producers to reduce supply to meet consumer demand. Scarcity allows consumers and producers to avoid distinguishing between needs and wants.
Which statement best describes how scarcity is an important part of business economics? Scarcity permits consumers to establish the cost at which producers will manufacture goods. Scarcity forces consumers and producers to consider the opportunity costs of decisions. Scarcity forces producers to reduce supply to meet consumer demand. Scarcity allows consumers and producers to avoid distinguishing between needs and wants.
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter1: What Is Economics
Section1.2: Trade-offs
Problem 3R
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Which statement best describes how scarcity is an important part of business economics?
- Scarcity permits consumers to establish the cost at which producers will manufacture goods.
- Scarcity forces consumers and producers to consider the
opportunity costs of decisions. - Scarcity forces producers to reduce supply to meet consumer
demand . - Scarcity allows consumers and producers to avoid distinguishing between needs and wants.
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