Define the term scarcity and discuss two of its consequences
Scarcity is the condition in which our wants are greater than the limited resources available to satisfy those wants. The consequences of scarcity include: (1 ) the need to make choices, (2 ) the need for a rationing device, and (3 ) competition.
Economics
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Make a case that development economics might be merely a combination of all the other subfields of economics, only applied to low-income countries
What will be an ideal response?
Economics
The difference between the price the consumer is willing to pay for a good or service and what he would have to pay for that unit is called: a. the total gains from trading that unit. b. the gain in producer surplus
c. the gain in consumer surplus. d. the total surplus.
Economics