What is meant by scarcity and choice in business?
What is meant by scarcity and choice in business? Scarcity refers to the finite nature and availability of resources while choice refers to people's decisions about sharing and using those resources. What is an example of scarcity and choice? When there is scarcity and choice, there are costs. The cost of any choice is the option or options that a person gives up. For example, if you gave up the option of playing a computer game to read this text, the cost of reading this text is the enjoyment you would have received playing the game. Why is economics concerned...