1) The presentation discusses the link between scarcity and choice, opportunity cost, the need for a rational device, and competition. 2) Scarcity exists because our unlimited wants exceed our limited resources, forcing us to make choices. 3) Scarcity necessitates opportunity costs, as obtaining one thing requires forgoing another valuable alternative.

1. WELCOME
TO
MY PRESENTATION

2. Submitted to:
Fathema Farjana Hani
Assistant Professor
Department of Business Administration, NEUB
Submitted by:
S.M.NURNOBI
ID:170103020022

3. The link between Scarcity and each
of the following:
 Choice
 Opportunity cost
 The need for a Rational device
 Competition

4. What is Scarcity?
Our inability to get Everything we want is
called scarcity. Scarcity is the condition
where our wants outstrip our limited
resources.

5. The link between Scarcity and Choice:
Scarcity always leads to choice and people actually
make better decisions because they have better
understanding of how each choice coast.
Every people have to make choices because of scarcity
Because our unlimited wants are greater than our
limited resources ,some wants must go unsatisfied .we
must chose which wants we will satisfy and which we
will not.

6. The link between Scarcity and Opportunity cost:
 The Opportunity cost of something is the highest
valued alternative that must be given up to get it.
 Where there is Scarcity and Choice, there are costs.

7. The link between Scarcity and the need for a Rational Device
Because of scarcity .a rationing device is
needed to determine who gets what portion of all
the resources and good available
In most societies ,money is used as a rationing
device

8. The link between Scarcity and Competition
 When two or more individuals want more of the
same good Competition is implied.
 Resources are limited.