Explain how the notion of scarcity is related to personal as well as business decision making.
What will be an ideal response?
Answers will vary. Scarcity refers to the lack of resources-money, time, natural resources, etc.-that are needed to satisfy a want or need. Because resources are always scarce, businesses as well as individuals must make decisions based on resource availability. Personal decisions such as whether to buy a $5,000 used car versus a $18,500 new car are usually driven by the scarcity of resources and the ability to pay based on the scarcity. Business decisions are similar.
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Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
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Answer the following statement true (T) or false (F)
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Indicate whether the statement is true or false