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Explain the concept of scarcity

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Question

1. Explain the concept of scarcity, and discuss methods used to combat this problem, including some we discussed in class.

2. Explain one advantage and one disadvantage of (1) traditional, (2) command, and (3) market economies.

3. Explain market equilibrium, and explain what factors impact (1) supply and (2) demand and why.

4. Explain whether you believe it is ever appropriate for the government to intervene in order to impact supply and demand, and explain why.

Reference no: EM133372666

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