a) Scarcity

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Last updated 8:21 PM on 9/3/26
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5 Terms

1
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  • define the basic economic problem


  • there are infinite human wants and needs

  • there are a finite number of resources to satisfy them

  • so resources are scarce


2
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  • define scarce resources


  • resources that are in an insufficient supply for their demand


3
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  • state how the scarcity of a resource required for a good or service affects the price of the good or service


  • the more scarce the resource → the higher the price of the good or service


4
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  • define renewable resources


  • resources that are replenished at the same or a faster rate than they are consumed


5
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  • define non-renewable resources


  • resources that are consumed at a faster rate than they are replenished