Every economy faces the situation of scarcity of resources.

Name: Every economy faces the situation of scarcity of resources.
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Scarcity is a fundamental economic concept that refers to limited goods and services. As a result of scarcity, people must choose between competing alternatives, and economic agents must make trade-offs. Every economy faces scarcity, regardless of its size, level of development, or type.

Every Economy Faces the Situation of Scarcity of Resources