Create an account
Fundamental concept of economics that indicates that there is less of a good "freely" available from nature than people would like.
ex. Things you want
Definitions, postulates, and principles assembled in "cause and effect" relationships
The highest valued alternatice that must be sacrificed as a result of choosing among alternatives
Choosing with the objective of gaining a specific benefit at the least possible cost
The amount supplied is less than the amount demanded at a "Particular Price"; can be eliminated
less of the material requirements for life; can be eliminated (limit population and ration)
less than the gov't standard of income or wealth; can be eliminated (lower the standard)
Questions of Scarcity
What will be produced?, How will it be produced?, how much will be produced?, how much will be rationed
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