SCARCITY

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Good day my follow steemians today i will love to write on the topic scarcity, but first of all what is scarcity.

Scarcity can be defined as the shortage of limited supply of resources to satisfy unlimited want.it is a founamental economic problem because individual, firm's and the government are all faced with limited resources to satisfy competional unlimited wants.

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SCALE OF PREFERENCE
Scale of preference is the arrangement of want in order of their priority.it is a list of unsatisfied want of an individual, firm's or government arranged in order of priority.
For example,a consumers with a limited resources has the following demand clothes, shoes, food, phone and bag can draw/list or her scale of preference in the following order.

• Clothes.
• Shoes.
• Phone.
• Bag.
  Scale of preference can be physically prepared or mentally prepared in one's memory.

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CHOICE
Choice involves the selection and satisfaction of the most pressing want out of a range of alternatives choice making shows the alternative uses of resources since human want are limited and, the resources available to satisfy them are limited choice is constantly made between alternative want.

OPPORTUNITY COST
Opportunity cost is also known as real cost or true opportunity cost simply refers to alternatives prograne of option not attend to the lay man, the money he uses to buy a bottle of malt is regarded as the cost but hot the real cost the economistis interested in the real "host" choice made the value of for gone alternative. In order to choose something, in what is regarded as an opportunity cost.

TABLES
A tables is defined as a systematic and order arrangement a information fact or data using rows and columns for presentation. Which makes it easier for better understanding table serve as the most commonly used tools for economic analysis.

In Conclusion i hope i have been able to talk about scarcity.

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