What is Economic Scarcity?
Economic scarcity means that all the resources we have in the world are limited and one day may run out. We need to look after what we have or find other alternatives to use instead. Understanding scarcity in economics means we have to look at costs, supply and demand and adapt practices if people are going to continue to use those resources. Not all resources will be around forever and the amount that consumers use compared to what the earth has can be opposite.
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