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Diano4ka-milaya [45]
3 years ago
5

The scenarios each illustrate a principle of economics. Classify each scenario according to the principle that best fits it.

Business
1 answer:
Bogdan [553]3 years ago
6 0

Answer:

3. Opportunity Cost

1. Marginal Decisions

2. Resource Scarcity

Explanation:

Opportunity cost or implicit is the cost of the next best option forgone when one alternative is chosen over other alternatives.

If David buys the camera he would forgo the opportunity to buy a tv and if he buys a tv, he forgoes the opportunity to buy a camera.

Marginal decisions look at the benefit of increasing or decreasing an input by little units. Here, the educational company is considering the marginal benefit of increasing the numbers of economist by one unit.

Ava has limited time to do all she would like to do. Time here is a scarce resource. Her wants her limited but the resources are scarce.

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