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Meaning of Scarcity, Choice, and Opportunity Cost

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Meaning of Scarcity, Choice, and Opportunity Cost

Question

Explain the meaning of the following concepts as used in business:
a) Scarcity
b) Choice
c) Opportunity Cost

Answer

a) Scarcity - Resources are relatively limited to the needs
b) Choice - Selecting more pressing wants to satisfy
c) Opportunity Cost - The cost foregone by taking the next best alternative


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