Question

Economics Question

1- Explain the relation between resources, scarcity, opportunity cost, and production

Answer 1

As we all know that resources are limited for any economy and this is called scarcity of resources.

and we must need to ensure that we have to optimise these resources for efficient outcome and here come the concept of opportunity cost .

opportunity cost is the selection of best next alternative option for letting other options go.

in this case of resources also mentioned above has limitation.

we have to select and optimise resources as best as can possible to have sustainable development

And to prodce for all people in the economy in the best possible way