Question: Scarcity What is scarcity and why does it exist? Explain the link between scarcity and each of the following: choice, opportunity cost, the need for

Scarcity

  1. What is scarcity and why does it exist?
  2. Explain the link between scarcity and each of the following:
  3. choice,
  4. opportunity cost,
  5. the need for a rationing device,
  6. competition.

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