Illustrate Scarcity and choice of Economic Perspective
Illustrate Scarcity and choice of Economic Perspective?
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1. Resources can only be used for one purpose at a time.
2. Scarcity requires that choices be made.
3. The cost of any good, service, or activity is the value of what must be given up to obtain it. ( opportunity cost ).
Why is it significant that economics is not a laboratory science? What problems may be evolved in deriving and applying economic principles?
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Normal resident: The persons or an institution who lives in a country and whose centre of interest lies in that country is termed as a normal resident of that country.
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