Scarcity refers to as less than, inadequate in supply to limited supply of economic resources in relation to unlimited human wants. Limited resources necessitate choice thus making choices among various competing alternatives according to the order of priority. When choice is made the foregone item becomes the opportunity cost. Opportunity cost is therefore the value of the forgone alternative where choice has been made.
raphael answered the question on August 14, 2017 at 08:09
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