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

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All Questions › Category: Secondary School › Explain the relationship between scarcity, choice, scale of preference and opportunity cost
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Edward asked 2 years ago

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StopLearn Team 2 answered 2 years ago

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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 1 year ago

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