Discuss the basic economic problem of scarcity

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Question: Discuss the basic economic problem of scarcity. Be sure to include a definition of the term. how it affects pricing of items and how it can influence the laws of supply and demand. Talk about the difference between scarcity and shortages and how scarcity leads to tradeoffs. opportunity costs. and specialization of the four factors of production.

Reference no: EM133327739

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