Economics (MindTap Course List)
Solutions
Economics (MindTap Course List)
Explain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (c) the need for a rationing device, and (d) competition.
(a)
Relationship between scarcity and choice.
Scarcity is a situation in which the human wants are greater than the available resources. Generally, choices arise due to scarcity because there are limited resources and unlimited wants or wants that are more than those of the available resources...
(b)
Relationship between scarcity and opportunity cost.
(c)
Relationship between scarcity and a need for a rationing device.
(d)
Relationship between scarcity and competition.
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