Question

due to scarce resources, every individual, whether rich or poor, faces a(n) (one word) cost when choosing to produce or consume more of one good over another.

Answer 1

Due to scarce resources, each person, whether wealthy or terrible, faces opportunity charges while choosing to produce or consume extra of one right over any other.

The scarcity method is that there are fewer resources than are had to fill human needs and wants. those assets can come from the land, exertions resources, or capital resources. you're in all likelihood used to considering natural resources which include titanium, oil, coal, gold, and diamonds as scarce. In fact, they're on occasion referred to as “scarce sources” just to re-emphasize their limited availability.

Scarce resources like gold, oil, silver, and other fossil fuels are naturally uncommon. when demand exceeds the supply, these assets grow to be scarce and prices can go up. different commodities, like diamonds, command a high charge due to their limited availability and manipulation in their market.

Every commodity comes with a charge; essentially, every useful resource on the earth shows a degree of shortage. for instance, time and money are generally scarce resources. inside the real world, it's far common to locate someone with little of one aid or even both.

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