Ask Question
14 August, 16:54

How does the study of economics depend upon the phenomenon of scarcity? Be sure to include examples in your response.

+4
Answers (1)
  1. 14 August, 20:35
    0
    Answer and explanation:

    Scarcity is the basic economic problem by which individuals have unlimited needs but only limited resources to fulfill them. This scenario obligates people to sacrifice the satisfaction of certain needs to cover others which are called trade-offs. All human activity is dedicated to finding ways to use the limited resources available such as natural resources, labor or capital to maximize individuals' wants efficiently.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “How does the study of economics depend upon the phenomenon of scarcity? Be sure to include examples in your response. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers