what do you mean by scarcity? explain with example.
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Scarcity dictates that economic decisions must be made regularly in order to manage the availability of resources to meet human needs. Some examples of scarcity include: The gasoline shortage in the 1970's. ... Coal is used to create energy; the limited amount of this resource that can be mined is an example of scarcity.
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Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities.[1] The opposite of scarcity is abundance.
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