questionexplain the relationship between scarcity


QUESTION

  1. Explain the relationship between scarcity, choice and opportunity cost.
  2. "In a capitalistic system, Consumer Sovereignty is the key". Explain and discuss this statement.
  3. Using appropriate examples explain the terms public and merit goods.
  4. Discuss the likely effects of a recession on a government's budget?

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Business Economics: questionexplain the relationship between scarcity
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