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Flora and fana are examples of resources.
Step by step
Solved in 2 steps
- Your time is a scarce resource. What if the quantity of time were increased, say to 48 hours per day, and everyone still lived as many day as before. Would time still be scarce?Condition that arises because society does not have enough resources to produce all the things people would like to haveWith countless people competing for the same resources, how do we determine who gets the resources?
- Scarcity impacts opportunity costs because most resources are limited. Which of the following resources is not considered scarce? trash clean air oil fresh waterWhy should the economic decision be based on the objective of making the best use of limited resources?Economics is the study of the allocation of the abundant resources in a country. True False
