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YouTubeProfessor Dave Explains
Scarcity, Trade-offs, and Cost/Benefit Analysis
A core concept we must discuss if we are to understand economics is scarcity. Our wants and needs are endless, but the things we want and need are necessarily finite in nature. Therefore, we can say that these things are scarce. They run out. If they didn't, economics would not exist, because economics is all about making choices based on ...
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what is scarcity? definition and example
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People living in scarcity may face unique challenges and limitations that can impact their perspective and the opportunities they perceive. Here are some aspects that people living in scarcity may struggle to see compared to those who are not: Abundance Mentality: Individuals in scarcity often have a mindset influenced by lack and limited resources. They may find it difficult to see possibilities for growth, abundance, or opportunities beyond their immediate circumstances. Long-Term Planning: Sc
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