what is scarcity? explain
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Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
The causes of scarcity can be due to a number of different reasons, but there are four primary ones. Poor distribution of resources, personal perspective on resources, a rapid increase in demand, and a rapid decrease in supply are all potential scarcity causes.
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0
Answer:
scarcity is one of the key concepts
Explanation:
economic that the demand for a good or
service is greater than the availability of
the good service
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