Answer to Question #224666 in Economics for mus

Question

how do you relate the concepts of scarcity oportunity cost and efficiency another and to the discipline of economics

Answer 1

Economics is the study of how society uses its limited resources. In other words economy studies how people deal with scarcity. It also explores the ways of effective resource use by using the opportunity cost concept (the potential benefits an individual, investor, or business misses out on when choosing one alternative over another).