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According to the rules of economics, all resources arein their supply. The wants and needs of people are. The more scarce a resource is, the people are willing to pay for it. The principle of scarcity forces people to.

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Diatonic254

To make choices/decisions.

The principle of scarcity forces people to make choices or decisions about how to allocate resources efficiently. These choices are made to satisfy basic needs and as much additional wants as possible. This principle of Scarcity in economics further states that, limited goods and services are available to meet unlimited wants. Even resources considered plenty and free in monetary, somehow, are scarce in some sense. It is in the capacity of an individual to buy some or all commodities as per the available resources with that individual.

luisvaschetto

All resources are LIMITED. The wants and needs of people are UNLIMITED. The more scarce a resource is, the MORE people are willing to pay for it. The principle of scarcity forces people to MAKE CHOICES.

What are resources?

Resources are inputs of mass and/or energy that are present in the natural world in a limited amount.

  • There are economic theories proposing that the needs of people are unlimited, but it is controversial.

  • The law of demand states that at a higher price individuals will demand a lower quantity of a given product/service.

In conclusion, all resources are LIMITED. The wants and needs of people are UNLIMITED. The more scarce a resource is, the MORE people are willing to pay for it. The principle of scarcity forces people to MAKE CHOICES.

Learn more about the law of demand here:

https://brainly.com/question/1078785

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