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16 June, 17:56

Scarcity: Group of answer choices

a. is a problem only in the poorer countries of the world.

b. can be solved by rapid advances in technology.

c. is a problem that exists in every economy.

d. is not a problem for the very rich.

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Answers (1)
  1. 16 June, 19:12
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    c. is a problem that exists in every economy.

    Explanation:

    Scarcity is shortage of supply with respect to demand.

    This arises because of (causes) : Unlimited Wants, Limited resources having alternative uses.

    Scarcity is a problem of each & every economy : underdeveloped, developing or developed economy. Eg - Developed Economy like US might be labour scarce, capital abundant & Developing Economy like India might be capital scarce, labour abundant.

    This leads to (effects) : 3 Central Problems of Economy - What to produce, How to produce, For Whom to Produce.
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