What are the relationship of Scarcity and Choice in Economics?

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What are the relationship of Scarcity and Choice in Economics?

2006-09-28 19:43:16 · 3 answers · asked by jhesp 1 in Social Science ➔ Economics

3 answers

Because resources are scarce, that is, needs and wants are greater than the resources available to satisfy them, then a consumer has to make a choice as to how to best allocate resources in order to achieve the desired outcome.

2006-09-29 08:12:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋

Price. How scarce a product is effects the supply curve. Choice to buy a product effects the demand curve. Together you will find equilibrium price.

2006-09-29 05:25:18 · answer #2 · answered by JuanB 7 · 0⤊ 0⤋

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2006-09-29 03:13:25 · answer #3 · answered by THE ALCHEMIST 3 · 0⤊ 1⤋