What does the concept of scarcity explain? Check all that apply. A) why a product could lose significant value over time. B) why people continue to purchase different products. C) why consumers are willing to pay high prices for items. D) why decisions must be made on how to use resources E) why resources can be both renewable and nonrenewable. F) why a single resource has more value than another resource.

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C (why consumers are willing to pay high prices for items), D (why decisions must be made on how to use resources), and F (why a single resource has more value than another resource) are the correct answers to the question.

Explanation:

Scarcity is an economic concept that indicates that there exists a disparity between the wants of people and the available resources. Choices have to be made as to the purpose that will be prioritized when allocating scarce products.

Opportunity costs are an essential aspect of such decision-making. The importance of some resources is higher than that of others based on how important they are to a person’s or society’s well-being.

Food, water, and fuel can be viewed as examples, as the former two are essential to survival while the third is vital to a modern society.

Worldwide Populations Affected by Water Scarcity (Source: http://www.discusseconomics.com)

As such, under conditions of scarcity, these goods would be worth more than clothing or toys.

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Academic.Tips. (2022) 'What does the concept of scarcity explain? Check all that apply. A) why a product could lose significant value over time. B) why people continue to purchase different products. C) why consumers are willing to pay high prices for items. D) why decisions must be made on how to use resources E) why resources can be both renewable and nonrenewable. F) why a single resource has more value than another resource'. 30 January.

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Academic.Tips. (2022, January 30). What does the concept of scarcity explain? Check all that apply. A) why a product could lose significant value over time. B) why people continue to purchase different products. C) why consumers are willing to pay high prices for items. D) why decisions must be made on how to use resources E) why resources can be both renewable and nonrenewable. F) why a single resource has more value than another resource. https://academic.tips/question/what-does-the-concept-of-scarcity-explain/

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Academic.Tips. 2022. "What does the concept of scarcity explain? Check all that apply. A) why a product could lose significant value over time. B) why people continue to purchase different products. C) why consumers are willing to pay high prices for items. D) why decisions must be made on how to use resources E) why resources can be both renewable and nonrenewable. F) why a single resource has more value than another resource." January 30, 2022. https://academic.tips/question/what-does-the-concept-of-scarcity-explain/.

1. Academic.Tips. "What does the concept of scarcity explain? Check all that apply. A) why a product could lose significant value over time. B) why people continue to purchase different products. C) why consumers are willing to pay high prices for items. D) why decisions must be made on how to use resources E) why resources can be both renewable and nonrenewable. F) why a single resource has more value than another resource." January 30, 2022. https://academic.tips/question/what-does-the-concept-of-scarcity-explain/.

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Academic.Tips. "What does the concept of scarcity explain? Check all that apply. A) why a product could lose significant value over time. B) why people continue to purchase different products. C) why consumers are willing to pay high prices for items. D) why decisions must be made on how to use resources E) why resources can be both renewable and nonrenewable. F) why a single resource has more value than another resource." January 30, 2022. https://academic.tips/question/what-does-the-concept-of-scarcity-explain/.

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"What does the concept of scarcity explain? Check all that apply. A) why a product could lose significant value over time. B) why people continue to purchase different products. C) why consumers are willing to pay high prices for items. D) why decisions must be made on how to use resources E) why resources can be both renewable and nonrenewable. F) why a single resource has more value than another resource." Academic.Tips, 30 Jan. 2022, academic.tips/question/what-does-the-concept-of-scarcity-explain/.

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