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The relationship between scarcity of resources, choice and opportunity cost can be shown by the economic model a) Demand and supply b) Production Possibility Curve (PPC) ANSWER PLEASE!!!!!
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36 votes
36 votes
The relationship between scarcity of resources, choice and opportunity cost can be

shown by the economic
model

a) Demand and supply
b) Production Possibility Curve (PPC)

ANSWER PLEASE!!!!!

User John Lemp
by
3.6k points

1 Answer

11 votes
11 votes

Answer:

a)Demand and supply

Step-by-step explanation:

The opportunity cost of a choice is the value of the best alternative given up. Scarcity is the condition of not being able to have all of the goods and services one wants. It exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources.

User Tmaster
by
2.8k points
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