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Connection between opportunity cost and scarcity

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Explain as completely as you can what an economist means by scarcity and opportunity cost. How do the 2 concepts relate? Link them. What do resources have to do with this? Are scarcity and shortage the same? Explain. What do economists mean when they cite opportunity cost and what's the connection between opportunity cost and scarcity? Why does economic theory argue that we can't "have it all"?

Reference no: EM132240673

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