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Answer to Question #72924 in Other Economics for Peter

Question #72924
How is scarcity a major problem to economics
Expert's answer
Scarcity refers to a gap between limited resource and theoretically limitless wants. The notion of scarcity is that there is never enough (of something) to satisfy all conceivable human wants, even at advanced states of human technology. Scarcity involves making a sacrifice — giving something up, or making a tradeoff — in order to obtain more of the scarce resource that is wanted.

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