Question

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 1

'Scarcity' is defined as the economic concept that refers to the situation of 'having finite resources and infinite demands.'

The concept of 'Scarcity' explains:

C). why consumers are willing to pay high prices for items.

D). why decisions must be made on how to use resources

F). why a single resource has more value than another resource.

• The term 'scarcity' elaborates the causes of all the above-stated problems.
• Since the demand for produced goods, as well as, services is endless and the resources available to meet this demand are limited, there is an imbalance between the demand and supply.
• This leads to the hike in prices of the available goods so that one could afford to pay higher will take the good.
• This makes it important for deciding upon the efficient utilization of resources so that every individual's demand can be satisfied up to some extent.
• The single resources cost higher due to this reason only as it develops a competition among the buyers.

Learn more about 'scarcity' here:

brainly.com/question/17429934

Answer 2

Answer:

c d f

Explanation:

bc it is