Explain the difference between scarcity and shortage

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Reference no: EM13740913

Write a 100-250 word essay that addresses the following issue:

1. Explain how shortages/surpluses are eliminated in a free market system. You can use graphs and specific examples in your analysis. Graphs don’t count towards the word limit.

2. Explain the difference between scarcity and shortage.

3. Explain the relationship between the property rights and economic growth/property rights and wildlife conservation using material discussed in class.

Reference no: EM13740913

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