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27 January, 08:25

What does the term scarcity mean as it relates to economics?

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  1. 27 January, 08:35
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    In economics, scarcity is also called paucity. It is a problem of infinite human needs and wants, in a world of infinite resources. Society does not have sufficient productive resources to fulfill those wants and need. In other words, scarcity implies that not all societies' goal can be pursued at the same; trade-off are made of one good against others.
  2. 27 January, 08:49
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    Not enough to go around. By definition, scarcity means limited resources.
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