Mastermind333 Mastermind333
  • 18-12-2018
  • Social Studies
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what does the term scarcity mean as it relates to economics?

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julessmith22 julessmith22
  • 18-12-2018

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

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