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Explain how the conditions of scarcity make it necessary to make economic decisions.?
I am not the greatest at economics, so i was hoping you could help me out :)
I'm not sure if there is much more to explain about the question... so thanks!
1 Answer
- JeffLv 59 years agoFavorite Answer
economics is the science of allocating resources, if resources were not scarce, then anyone could have as much of anything as they wanted (ie, price of everything would be 0).
However, we have limited amounts of food, trees, ipods, etc, so economic decisions about what, how and for whom to produce must be made.
Check out the sources for more info on these concepts.
Source(s): http://www.freeeconhelp.com/2010/09/core-ideas-of-... http://www.freeeconhelp.com/2011/06/five-fundament... http://www.freeeconhelp.com/2011/06/three-fundamen...
