Explain the link between scarcity and each of the followin
1 answer:
The link between the Scarcity and choice is the study of how individuals and society choose to allocate scarce resources.
<h3>What is the Meaning of Scarcity?</h3>Scarcity refers to the insufficient or the shortage of the resources with the individual or in the particular nation. For Example In any Industry there is the shortage of the skilled workers.
The complete question is attached below.
The link between the Scarcity and the Opportunity Cost is that it has the direct implication on the scarcity. In decision making process, one must has to sacrifice the opportunity cost of that action.
The link between the Scarcity and competition is due to the Lack of resources which forces people to compete for the limited resources that are accessible because there aren't enough to satisfy everyone's wants.
Additionally, people would compete for the rationing tool, such as money, whatever it may be.
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