Respuesta :
Answer:
Opportunity cost are experienced whenever choices are made
Explanation:
Scarce resources means the shortage or unavailability of resources required for production of goods and services . In fact economists believe that all resources are scarce because of the limit to the availability of factors of production involved in the production.
To manage scarcity , economist came up with the principle of opportunity cost.
Opportunity cost is the cost of the alternative forgone while making a choice.
This means that as a man may not be able to meet up with all his needs due to scarcity of resources , he will need to select the ones that are of utmost importance and forgo the other needs on the list , whichis the opportunity cost of the transaction.
