Explain how scarcity is the undercurrent of economics?
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Scarcity is our limited resources but unlimited wants. Our resources are
limited by the 4 factors of production - land, labour, capital and
enterprise.
The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Scarcity is the root of all economic problems. Had there been no scarcity of resources, there would have no economic problems and we would not have studied economics either.
The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Scarcity is the root of all economic problems. Had there been no scarcity of resources, there would have no economic problems and we would not have studied economics either.
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