1. Define scarcity. What signifies to managers that a resource used in production is becoming scarce? What impact does this have on management decisions?

scarcity means that a good is limited in supply, relative to it's demand.

Explanation:

By limited, it means that the available resources are not enough for the satisfaction of a need.

Price hikes tells us of scarcity of a resource. When the price of a resource or good gets increased or is continuously increasing the price of the resource may show that it is scarce.

Management have to allocate resources in such a way that they do not have to run out of the resources or or they may decide to use substitute resources.

its ii) i did this test

explanation:

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explanation:

we're are the selections to pick from?