Scarcity refers to as less than, inadequate in supply to limited supply of economic resources in relation to unlimited human wants. Limited resources necessitate choice thus making choices among various competing alternatives according to the order of priority. When choice is made the foregone item becomes the opportunity cost. Opportunity cost is therefore the value of the forgone alternative where choice has been made.
raphael answered the question on August 14, 2017 at 08:09
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What is the importance of national census statistics in an economy?
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Give the importance of national census statistics in an economy.
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August 14, 2017
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Highlight ways in which physical environment can positively impact a business performance.
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August 14, 2017
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August 14, 2017
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List methods that countries use to restrict importation of goods.
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August 14, 2017
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List the effects of a declining population to an economy.
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August 12, 2017
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August 12, 2017
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List factors that constitute a healthy external environment of a business.
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August 12, 2017
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List the documents that are used in international trade.
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August 12, 2017
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List features that differentiate a co-operative society from a partnership form of business.
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August 12, 2017
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August 12, 2017
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August 12, 2017
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August 12, 2017
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List methods that banks use in transferring funds.
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