ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Beats by Dre
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Beets by farmers
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Air Jordans
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Breathable air
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Detailed explanation-1: -Definition and Examples of Scarcity Natural resources such as lumber, oil, diamonds, and gold are often thought of as scarce. 2 These resources cannot be easily obtained and are not found in limitless quantities. To obtain oil, diamonds, or gold, it takes a lot of time, money, or other efforts.
Detailed explanation-2: -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.
Detailed explanation-3: -There are two types of scarcity, relative and absolute scarcity.
Detailed explanation-4: -To Exemplify, a farmer has 10 acres of land he has a choice to either grow wheat or cotton on it. The limited land is a scarcity of the resource. The alternative crops wheat and cotton show how we have choices.