The problems created by scarcity:

Question

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Scarcity affects everyone because resources are limited in general. It is a foundational concept in economics that applies to individuals, businesses, and governments. No one has access to an unlimited amount of resources, and therefore, choices must be made about how to allocate them. This creates various economic problems, such as the need to make trade-offs, the potential for competition and conflict, and the difficulty of achieving optimal outcomes. Working overtime or being a top income earner does not eliminate the problem of scarcity.

The Problems Created by Scarcity