Question

How does scarcity affect the choices a business makes?
O A. If there are more economic resources, businesses will need to
lessen economic utility of their products.
O B. Scarcity will affect the number of entrepreneurs a business
decides to hire for a given year.
O C. Scarcity will affect the type of economic system the business will
choose to join
OD. If there are less economic resources, businesses may need to
revised their plans for developing a new product.

Answer 1

Answer:

d)If there are less economic resources,businesses may need to revise their plans for developing a new product

Answer 2

The correct option is D). If there are less economic resources, businesses may need to revised their plans for developing a new product.

What does scarcity mean?

Scarcity is one of the major concept in the economics. It refers to the situation when the demand for a good or service is greater than the availability of the good or service.

Scarcity of the resources can affect the business in both negative and positive way. As when there is no availability of the resources such as raw material, labor etc. then the firm would face the problem of low production.

When there are scarcity of the goods and services, then in certain situation as firm can charge high price from the consumers that would be profitable move for it. It can be said that if there are less resources available then business must revise their plans for developing new product.

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