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How is scarcity related to trade-offs?

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)Scarcity is what forces you to make trade-offs. Suppose you have an economy that produces and consumes 2 products, A and B. In a world without scarcity, you have enough resources (land, machinery, raw materials, manpower) to produce as many of each product as you need/want. read more

Scarcity, trade off, opportunity cost 1. scarcity<br />Scarcity means that there is not enough of everything to go around. All resources are limited in supply. Therefore, decisions must be made how best to use natural resources, workers, and capital. Even the U.S. government must make choices. It can not do everything that people want. read more

Discuss relationship among scarcity, value, utility and wealth The value of a good or service depends on its scarcity and utility. The good must have utility and value to have monetary value. read more

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