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Why is economics deeply rooted in the concept of scarcity?

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There would be no need for the study of economics without scarcity. If everything was sufficiently abundant that nobody would ever lack it, you would have no price. read more

There would be no need for the study of economics without scarcity. If everything was sufficiently abundant that nobody would ever lack it, you would have no price. Economics is all about price, how it’s determined and its role in allocating supply and demand. Take air. It’s of incalculable benefit. We can’t live without it. read more

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