ECONOMICS
HUMAN CAPITAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -When wants are greater than the resources available to satisfy them, scarcity exist. Because scarcity exist, people must choose between alternatives. There is less than a good than people would like to have.
Detailed explanation-2: -Where there is scarcity, choices must be made! Scarcity refers to the finite nature and availability of resources while choice refers to people’s decisions about sharing and using those resources.
Detailed explanation-3: -The principle of scarcity states that there are limited goods and services for unlimited wants. Thus, people need to make choices in order to satisfy the wants that are most important to them.
Detailed explanation-4: -Our unlimited wants are continually colliding with the limits of our resources, forcing us to pick some activities and to reject others. Scarcity is the condition of having to choose among alternatives. A scarce good is one for which the choice of one alternative use of the good requires that another be given up.
Detailed explanation-5: -1 What must follow when scarcity exists? A Consumers have to make choices.