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Define scarcity and opportunity cost. How a manager can apply these two concepts in management decision making?

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Darryn D'Souza
Darryn D'SouzaLv10
30 Sep 2019
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Related questions

I need to explain the laws of supply and demand and how they are related to the concepts of scarcity and opportunity costs in decision making???

Ā 

Focus on one of the main concepts covered (e.g., scarcity, ceteris Paribus, association vs. causation, opportunity cost, marginal analysis, etc.), define it in your own words, and provide an example. Discuss why you think this is an important aspect of the study of economics.

Please only anwer the Following question:

Question :focus in on one of the main concepts covered (e.g., scarcity, ceterus pariubus, association vs. causation, opportunity cost, marginal analysis, etc.), define it in your own words, and provide an example. Discuss why you think this is an important aspect in the study of economics.

Answer:

Scarcity is a situation where the availability of resources at our disposal is less then the needs of society.since human wants are unlimited and resources are limited therefore it gives rise to a problem of choice.

Example the oil resources are scarce in relation to Wants .

This is important in decision analysis of any economic problem as without it we are unable to judge which good to produce and sell in market.

Following question:

Can you comment on what you see as the relationship between scarcity, opportunity cost and trade off?

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