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Questions and Answers
What is the definition of scarcity in economics?
Scarcity in economics refers to the limited availability of resources in comparison to the unlimited wants and needs of individuals and society.
Why is scarcity a fundamental concept in economics?
Scarcity is a fundamental concept in economics because it necessitates the need for individuals and society to make choices about how to allocate resources to fulfill their unlimited wants and needs.
How does scarcity impact decision-making in economics?
Scarcity impacts decision-making in economics by forcing individuals and society to prioritize and make trade-offs in allocating resources to different wants and needs, leading to the concept of opportunity cost.
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