scarcity\neconomics is the study and practice of making choices in a world of limited resources (scarcity)…

scarcity\neconomics is the study and practice of making choices in a world of limited resources (scarcity). scarcity impacts and is a key concept in decision making. scarcity can refer to a number of things such as money, employees, time etc., and means the demand is greater than the availability. scarcity drives demand. if the demand is high but the item is scarce, the price of that item increases.\nopportunity cost\nopportunity cost represents the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. opportunity costs help people make better choices primarily by considering the alternatives. lost time, production and finances are examples of opportunity costs. those costs are forward looking and not limited to monetary or financial costs.\nif you must make a choice between two candy bars, the second one you did not choose shows what?\nopportunity cost\nflawed judgement\npoor decision making

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