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3 October, 23:55

What is scarcity, and how does it affect supply and demand in the game of economics?

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  1. 4 October, 00:38
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    It means that there is not much of it. It's demand will skyrocket because it becomes valuable. Example: There aren't many diamonds in the world, it's a nonrenewable resource, and because it's rare, it's valuable. Having less of something makes it rare.
  2. 4 October, 00:57
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    If something is scares the supply goes up and the price
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