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Explain the concept of scarcity, choice and opportunity cost.
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Jul 27, 2021
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Business Studies Form 1
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anony mous
Explain the concept of scarcity, choice and opportunity cost.
satisfaction of human wants
scarcity
choice
opportunity cost
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Jul 27, 2021
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anony mous
Scarcity is a situation where by resources are scarce in comparison to human needs/wants which are unlimited.
Choice- human beings have to make on what to buy with the scarce resources.
Opportunity cost- whatever one buys , he foregoes the other. This is the alternative on the values foregone.
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