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24 July, 22:45

What is the difference between scarcity and opportunity cost?

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  1. 25 July, 01:41
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    Scarcity is a condition that results from the lack of adequate resources to satisfy all the wants of individuals or society. As a result, individuals are forced to make choices on how to use such resources. Opportunity Costs refers to the next highest valued alternative that is given up when such a choice is made.
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