Scarcity and Opportunity cost

■ Define scarcity and opportunity cost. What role do these two concepts play in the making of management decisions?
■ What do you think is the key success in the ready-to-eat food industry? What chance do you think Healthy Foods has in succeeding in its new venture into the ready-to-eat food market? Explain your answer.
■ Define the market process, the command process, and the traditional process. How does each process deal with the basic questions of what, how, and for whom?
250 words