Topic of scarcity, Discuss the topic of scarcity using

Topic of scarcity

Reference no: EM1339307

Scarcity implies that people cannot have everything that they want. Their resources are limited, so they must choose which of the many possible goods and services they will have. This applies to society as well as to any individual. Please discuss the topic of scarcity using the following terms and concepts:

Supply and demand

Opportunity costs

Trade-offs

Factors of production

Production possibilities frontier

Reference no: EM1339307

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