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In History / High School | 2014-10-08

Scarcity is the condition of not having enough goods and services to satisfy everyone's needs.

Asked by melanie2326

Answer (2)

Scarcity is the condition of not having enough goods and services to satisfy everyone's needs. This is an economic concept whereby certain conditions in a society such as war, drought, or political instability have led to scarcity of certain goods and services that are preventing the needs of the society's people from being met.

Answered by Gibbs | 2024-06-10

Scarcity is the economic condition where limited resources are insufficient to satisfy unlimited wants. This principle affects decision-making at both individual and societal levels, requiring choices on how to allocate resources. Understanding scarcity is essential for grasping how economies operate.
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Answered by Gibbs | 2024-10-12

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