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dem82 [27]
3 years ago
13

What is the difference between scarcity and opportunity cost?

History
1 answer:
Vikentia [17]3 years ago
3 0

Scarcity is a condition that results from the lack of adequate resources to satisfy all the wants of individuals or society. As a result, individuals are forced to make choices on how to use such resources. Opportunity Costs refers to the  next highest valued alternative that is given up when such a choice is made.

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