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Essay

Scarcity

Essay specific features

 

Issue:

Social Issues

 

Written by:

Linda K

 

Date added:

December 4, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

6 / 1617

 

Was viewed:

211 times

 

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Essay content:

Resources are scarce if any individual would prefer to have more of that good or service than they already have. Most goods and services are scarce - those that are not are known as free goods. Where goods are scarce it is necessary for society to make choices as to how they are allocated and used. Economists study (among other things) how societies perform the optimal allocation of these resources...
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Economists study (among other things) how societies perform the optimal allocation of these resources. For example, we may all want to own gold jewelry. However, the amount of gold available is limited, so it is necessary to make choices as to how it is allocated. In a market economy, this is achieved by trade...
displayed 300 characters

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