Why is it essential for people to understand the concepts of scarcity and opportunity cost?
- 1 month ago
It's not essential. The top 3 billionaires own more wealth than the bottom 50% of Americans.
- OiyLv 61 month ago
It is the way to explain that there is no free lunch.
- JuanBLv 71 month ago
It is essential so people know they have to decide.
Scarcity - everything has a limit, so you have to decide how to use it
opportunity cost - everything can be used on different things and some of those things you value more than others, so you have to decide how to use it
- SandyLv 71 month ago
you don't expect to be ignorant for your entire life do you? what if you own a business or work for a business. these are concepts people get PAID to understand. they learn them in college. if you need a part for a doohickey, but it can only be made in China, then China can charge you bigtime for it.