Scarcity meaning, Scarce Goods, Opportunity Cost concept

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Learning Outcomes:-

Through this module, you will gain understanding on:-

1.    Scarcity meaning (reason behind economic issues)

2.    Scarce Goods

3.    Opportunity Cost concept

Scarcity is the undercurrent of economic problem and therefore, of Economics -

●     scarce goods AKA economic goods → those for which demand would exceed supply at a price of zero.

 

●     the concept of scarcity conveys the opportunity cost of allocating limited resources

Example: A 10-rupee note in your pocket may be spent on a cup of coffee or a cold drink

 

In microeconomic theory, the opportunity cost of a choice is the value of the next best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives. Assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second best available choice.

VIDEO DESCRIPTION (max 5,000 characters)

Scarcity meaning (cause behind economic issues), Scarce Goods, Opportunity Cost concept | Statistics for Economics | 11th Commerce | by @statomics11comm

 

▶Related Playlist: https://youtube.com/playlist?list=PL0BlcnHQsq5K6s4HPm5VVP77zYnaT4ZpP&feature=shared

 

Scarcity meaning

Scarce Goods meaning

Opportunity Cost concept

Opportunity Cost explained with Example

no scarcity > no economic issue > no need for economics

 

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Scarcity meaning, cause for economic issues, Scarce Goods, Opportunity Cost concept, Statistics for Economics, Statistics, Economics, 11th Commerce CBSE, 11th Commerce, CBSE, statomics11comm, class 11, hindi, in hindi

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