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What are economic resources Explain link between scarcity choice and oppurtunity cost?

Answer:
Economic resources are constraints on the decisions we make when we figure out how to meet our desires. Scarcity implies that we cannot have everything we want and so must trade-off some things we want less for things we desire more. Opportunity costs are the losses we experience in this trade-off. These losses occur because to get what we want, we have to give up something else in return.
First answer by M200220232. Last edit by M200220232. Contributor trust: 47 [recommend contributor recommended]. Question popularity: 1 [recommend question].

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