Asked by
Asiyo Musse
on Oct 27, 2024
Verified
The study of economics arises because of the necessity of choice,and the necessity of choice arises because of the fundamental problem of scarcity of resources.
Scarcity of Resources
The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources.
Necessity of Choice
An economic principle stating that due to scarce resources, individuals and societies must make decisions on how to best allocate those resources.
- Perceive the association between the limitation of resources, the process of choosing, and the concept of opportunity cost within economic activities.
Verified Answer
TW
Learning Objectives
- Perceive the association between the limitation of resources, the process of choosing, and the concept of opportunity cost within economic activities.