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Question
scarcity
economics is the study and practice of making choices in a world of limited resources (scarcity). scarcity impacts and is a key concept in decision making. scarcity can refer to a number of things such as money, employees, time etc., and means the demand is greater than the availability. scarcity drives demand. if the demand is high but the item is scarce, the price of that item increases.
opportunity cost
opportunity cost represents the potential benefits an individual, investor, or business misses out on when choosing one alternative over another. opportunity costs help people make better choices primarily by considering the alternatives. lost time, production and finances are examples of opportunity costs. those costs are forward looking and not limited to monetary or financial costs.
every decision is driven by different factors and has a cost associated with it. what saying best describes this concept?
no decision making
no easy choices
no free lunch
The concept that every decision has factors driving it and a cost associated is related to the idea that there are no free - lunches. In economics, the "no free lunch" principle implies that resources are scarce and every choice has an opportunity cost. The other options do not capture this idea as well. "No decision making" is the opposite of the situation described, and "no easy choices" does not specifically refer to the cost - associated aspect.
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no free lunch