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  1. Basic
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Scarcity, Opportunity Cost and the PPC
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Scarcity, Opportunity Cost and the PPC
The basic economic problem is one rooted in both the natural world and in human greed. We live in a world of limited resources, but we seem to have unlimited wants. This results in scarcity, which gives rise to the very field of Economics, which deals with how to allocate scarce resources between the competing wants and needs of society. This ...
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