What Is Scarcity

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!"#$%&'%'(#)(&$*+ SEARCH …

Scarcity is a concept which is at the very heart of economics as a


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subject and why we study it. It refers to the idea that resources in
the world are 9nite… they are not unlimited!

Without having access to in9nite resources, we must make


decisions about how we use the resources we have to maximise
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Some resources are certainly more ‘scarce’ than others, and this
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Key terms:
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Economics – the study of the allocation of resources in order to
satisfy as many wants and needs as possible.
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Basic Economic Problem – the problem associated with having K$&%+)('".+,%$&(**;%/2(/%,@($@&]


9nite resources but in9nite wants.

Resource – something which can be used to produce something


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Read all about it... scarcity in the news! 5#/%1$)@&,%($&%2)//).E%$"@J


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POST COMMENT

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