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.
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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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Answer: Knowledge
Explanation: IDRC engages in expertise, creativity, and strategies to increase the quality of life in developing countries as a segment of Canada's international affairs and development activities. IDRC aims to address realistic development issues with the brilliant minds in Canada and across the globe.
In addition to promoting global stability and development, partnering with local academic institutions and financing agencies effectively decreases reliance on assistance while establishing political leadership.
Thus, from the above we can conclude that the primary focus in the program is on knowledge.
Answer:
Paying higher wages boost up employees to be more productive, as higher wages is considered as a source of motivation to the employees and they will improve their level of work and complete their task in an effective and efficient manner which leads to productivity at workplace. Hence, this automatically leads to timely completion of work at almost zero cost.
The reasons why some firms voluntarily pay workers a wage above the market equilibrium, even in the presence of surplus labor are as follows:
- Paying higher wages helps workers to be healthier in some developing countries.
- Higher wages attract a more competent pool of workers.
- Paying higher wages encourages workers to be more productive.
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