BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The concepts of scarcity, choice, and opportunity cost are at the heart of economics. A good is scarce if the choice of one alternative requires that another be given up. The existence of alternative uses forces us to make choices.

Detailed explanation-2: -Scarcity refers to the finite nature and availability of resources while choice refers to people’s decisions about sharing and using those resources. The problem of scarcity and choice lies at the very heart of economics, which is the study of how individuals and society choose to allocate scarce resources.

Detailed explanation-3: -Economic decisions involve production, distribution, exchange, consumption, saving, and investment of economic resources. Private and Public Goals. Economic decisions are made to serve the goals of individuals and private organizations (private goals) and society as a whole (public goals).

Detailed explanation-4: -Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.

Detailed explanation-5: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.