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Economics
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12 Jan 2019

What is a scarcity problem you’ve experienced in your work or home life?

What system could you use to manage your scarcity problem?

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Hubert Koch
Hubert KochLv2
15 Jan 2019

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Related questions

In a​ market-based economy, what is the role of a system of​ prices:

A) To create shortages
B) To create abundance and surpluses
C) To make goods and services too expensive
D) To address the problem of scarcity

Please only anwer the Following question:

Question :focus in on one of the main concepts covered (e.g., scarcity, ceterus pariubus, association vs. causation, opportunity cost, marginal analysis, etc.), define it in your own words, and provide an example. Discuss why you think this is an important aspect in the study of economics.

Answer:

Scarcity is a situation where the availability of resources at our disposal is less then the needs of society.since human wants are unlimited and resources are limited therefore it gives rise to a problem of choice.

Example the oil resources are scarce in relation to Wants .

This is important in decision analysis of any economic problem as without it we are unable to judge which good to produce and sell in market.

Following question:

Can you comment on what you see as the relationship between scarcity, opportunity cost and trade off?

1. What is the rule of reciprocity? Why is it so powerful in life and society? What is the rule of scarcity? Use the concept of contrast to support both arguments.
**Don’t forget reference(s) and citation(s) to support your premise**

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