Explain the relationship between scarcity, choice, scale of preference and opportunity cost

All QuestionsCategory: Secondary SchoolExplain the relationship between scarcity, choice, scale of preference and opportunity cost
Edward asked 2 years ago

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2 Answers
StopLearn Team 2 answered 2 years ago

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. The opportunity cost of any choice is the value of the best alternative forgone in making it.

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Renias Hasani answered 5 months ago

 

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