Answered

Discover answers to your questions with Westonci.ca, the leading Q&A platform that connects you with knowledgeable experts. Join our platform to connect with experts ready to provide precise answers to your questions in different areas. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

how does scarcity, opportunity cost, and choices relate to each other in economics​

Sagot :

Answer:

Economics is a social science that examines how people choose among the alternatives available to them. Scarcity implies that we must give up one alternative in selecting another. ... The opportunity cost of any choice is the value of the best alternative that had to be forgone in making that choice.

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. We hope this was helpful. Please come back whenever you need more information or answers to your queries. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.