what does the concept of scarcity explain? choose three answers. why a product could lose significant value…

what does the concept of scarcity explain? choose three answers. why a product could lose significant value over time. why people continue to purchase different products. why consumers are willing to pay high prices for items. why decisions must be made on how to use resources why resources can be both renewable and nonrenewable. why a single resource has more value than another resource.

what does the concept of scarcity explain? choose three answers. why a product could lose significant value over time. why people continue to purchase different products. why consumers are willing to pay high prices for items. why decisions must be made on how to use resources why resources can be both renewable and nonrenewable. why a single resource has more value than another resource.

Answer

Brief Explanations:

Scarcity means limited resources relative to unlimited wants. It makes consumers willing to pay high - prices for scarce items. It also requires making decisions on resource use as resources are scarce. And it helps explain why one resource may be more valuable than another due to its scarcity.

Answer:

  • why consumers are willing to pay high prices for items
  • why decisions must be made on how to use resources
  • why a single resource has more value than another resource