What does the concept of scarcity explain
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Explanation: Scarcity is an economic concept that indicates that there exists a disparity between the wants of people and the available resources. Choices have to be made as to the purpose that will be prioritized when allocating scarce products. Opportunity costs are an essential aspect of such decision-making.
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1
Answer:
Explanation: Scarcity is an economic concept that indicates that there exists a disparity between the wants of people and the available resources. Choices have to be made as to the purpose that will be prioritized when allocating scarce products. Opportunity costs are an essential aspect of such decision-making.
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