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What's the relationship between scarcity, choice and opportunity cost

      

What's the relationship between scarcity, choice and opportunity cost

  

Answers


Joseph
Scarcity is the nurture that good and services are limited in supply.
Choice it the option you have to make between goods and services by taking the one with a greater priority
Opportunity cost is the value of the best forgone option (good/service)
In general scarcity of goods and services forces humana beings to make a choice between the available ones and thus opportunity cost comes in as the value of the best forgone option.

Erwoti answered the question on July 5, 2018 at 17:47


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