EBK ECON MICRO
6th Edition
ISBN: 9781337671828
Author: MCEACHERN
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Question
Chapter 1, Problem 1P
To determine
The importance of the concept of scarcity in economics and to determine if a resource is scarce.
Concept introduction:
Scarcity of resources means lack of resources in comparison to wants.
Expert Solution & Answer
Explanation of Solution
The scarcity of resources is determined when
The concept is important to the definition of economics because it studies the human behavior as a relationship between unlimited wants and scarce resources. It is the science which studies how to make a choice between alternative uses of scarce resources. Scarcity is itself a big economic problem. Without it, economies studies will have no value.
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