Explain the relationship between scarcity, Business Economics

QUESTION

(a) Explain the relationship between scarcity, choice and opportunity cost.

(b) Distinguish between centrally planned, laissez-faire and mixed economic systems regarding the resource allocation problem.

(c) According to you which of the above three economic systems is the best? Justify your answer.

Posted Date: 10/26/2013 6:52:08 AM | Location : United States







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