Question

scarcity of resourses exists:​

Answer 1

Answer:

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Answer 2

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Scarcity of resources exist at both the macro and micro levels due to never ending human wants. In the situation of scarcity of resources, at macro level, the economy is able to maximize the welfare along with the rapid pace of economic growth. While, at micro level, an individual maximizes his satisfaction as consumers and maximizes his profit as producers.