How does scarcity affect choice of consumers?
Question: How does scarcity affect choice of consumers?
Scarcity affects the choice of consumers by creating a situation where there are limited resources to meet unlimited wants and needs. In this situation, consumers are forced to make choices about how to allocate their resources, such as time, money, and attention, among different competing options. Scarcity can lead to trade-offs, where consumers must choose between different goods or services that they value differently. Consumers may prioritize their most urgent needs or desires and forego others that are less essential. Additionally, scarcity can create a sense of urgency and influence consumer behavior, such as prompting them to make purchases before prices increase or supplies run out. Ultimately, scarcity can impact the choices that consumers make by limiting their options and influencing their preferences and behaviors.
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