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Describe the impact of scarcity on economic decision-making. What happens when products and resources become less available? How might this affect the incentives or trade-offs involved in a person's economic decision-making? (4 points)

Sagot :

GinnyAnsweridn

Final answer:

Scarcity in economics impacts decision-making by influencing incentives and trade-offs due to limited resources.


Explanation:

Impact of Scarcity on Economic Decision Making

Scarcity is the fundamental economic problem that arises when limited resources are insufficient to satisfy unlimited wants. When products and resources become less available due to scarcity, incentives and trade-offs in economic decision-making are affected. For example, as the availability of a certain resource decreases, its price may rise, leading individuals to consider alternative options with lower opportunity costs.


Learn more about Scarcity in Economic Decision Making here:

https://brainly.com/question/30283835


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