Identify the cause and effects of scarcity.
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Define scarcity. Identify the cause of scarcity.
What is one cause of scarcity?
Can you think of any goods or services in the economy that are free goods, i.e. goods that are not impacted by scarcity or are not scarce? Are there any goods that are consumed that don't burden the consumer with scarcity? Explain and identify for those goods (a couple of goods) how scarcity comes into play.
