ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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ask for less
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leave decision to fate
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make choices to allocate resources
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work harder
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Detailed explanation-1: -Scarcity exists when human wants for goods and services exceed the available supply. People make decisions in their own self-interest-weighing benefits and costs.
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: -Since human wants are unlimited, and resources used to satisfy those wants are limited-there is scarcity.
Detailed explanation-4: -Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions.