Answer :
Final answer:
Opportunity cost, scarcity, and labor are fundamental concepts in economics that explain decision-making and resource allocation.
Explanation:
Opportunity cost: the value of the best alternative forgone when a choice is made. For example, if a country chooses to allocate resources to produce military equipment, the opportunity cost could be the foregone production of healthcare services.
Scarcity: the condition where resources are limited compared to unlimited wants or needs of individuals. An example is when a company has to decide between producing SUVs or electric cars due to limited resources.
Labor: actions or activities performed by one person for another in exchange for payment. This can include services such as teaching, nursing, and construction work.
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