scarcity

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  • Scarcity
    • The basic economic problem
      • Human wants infinite , the resources required to meet those wants are finite
    • it exists in both poor/wealthy country
      • because not all human wants cant be satisfied
    • scarcity is inevitable and it means we will have to make choices over the use of our : limited resources
      • In order to provide for our "material wants"
        • These inevitable decisions exists within consumers , producers and goverment
    • when we make the decision about what is to be done with the resource opportunity cost arises

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