Define the terms opportunity cost, scarcity, and resources. Describe in detail an example of how each of these concepts have affected or currently affect your life.
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Some examples of scarcity include: The gasoline shortage in the 1970's. After poor weather, corn crops did not grow resulting in a scarcity of food for people and animals and ethanol for fuel. Over-fishing can result in a scarcity of a type of fish.
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