Question

Describe the impact of scarcity on economic decision making. What happens when products and resources become less available? How might this affect the incentives or trade-offs involved in a person's economic decision making?

Answer 1

The impact of scarcity on economic decision making is that it can limit the choices of the consumer in the economy.

when products and resources become less available then there would be scarcity which will affect the decision of the consumer.

How does the scarcity of resources affect the decision making of the consumers?

Scarcity as a key concepts of economics can affect the choice of the consumer because it will limit their choices in making decision.

Therefore this will make them to make their choice out of the limited resources to meet their basic needs.

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