Scarcity exists when there are resources to meet unlimited needs and wants. Because of, we must make choices about how to use resources. All the options for using resources that are not chosen are called.

is the next-best alternative for the use of resources.

Marginal means using one unit of a resource.

Question

Abril Fritz

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6 April, 22:38

Scarcity exists when there are resources to meet unlimited needs and wants. Because of, we must make choices about how to use resources. All the options for using resources that are not chosen are called.

is the next-best alternative for the use of resources.

Marginal means using one unit of a resource.

+2

Answers (2)

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Johnathan Dodson · Answer 1

Scarcity exists when there are

limited

resources to meet unlimited needs and wants. Because of

scarcity

, we must make choices about how to use resources. All the options for using resources that are not chosen are called

trade-offs

.

Opportunity cost

is the next-best alternative for the use of resources.

Marginal means using one

additional

unit of a resource.

Turner Johnston · Answer 2

Scarcity of resources happens when the resources are unable to meet the unlimited demands and needs.

Explanation:

Marginal utilisation of resources it is a method in which resources are utilised such that it doesn't over exploit them. And use them mindfully do to avoid any kind of scarcity in future and optimal usage of resources in the present as well as future.

Alternatively these resources can be utilised by proper allocation of resources such that alternative products can be formed using the same amount of resources.