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13 February, 22:56

Because of scarcity:Question 1 options:a) we face tradeoffs in nearly every choice we make. b) choices are unlimited. c) wants are limited. d) resources are limitless.

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  1. 14 February, 00:56
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    a) Because of Scarcity : - we face tradeoffs in nearly every choice we make

    Explanation:

    Scarcity is the shortage of supply with comparison to demand.

    Scarcity : Demand > Supply

    Scarcity leads to trade off for each choice made, as each choice made has opportunity cost i. e something sacrifised to attain that choice.

    This happens because scarcity arises out of - unlimited wants & limited resources having alternative uses.

    Eg: Resources = Money Income, spending options = Food, Drinks.

    If one chooses to eat a unit food, its opportunity cost i. e drinking beverages is traded off for that unit food eaten.
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