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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

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)

To determine

Relationship between scarcity and choice.

Explanation

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)

To determine

Relationship between scarcity and opportunity cost.

(c)

To determine

Relationship between scarcity and a need for a rationing device.

(d)

To determine

Relationship between scarcity and competition.

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