Answer to Question #72924 in Other Economics for Peter
How is scarcity a major problem to economics
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. Source: https://en.m.wikipedia.org/wiki/Scarcity
From a young age, our brains develop to the world around us, the environment we live in, and the people…
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