Economic Scarcity
Tula Shakirvisibility
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Assignment 1: "Without scarcity, there is no economics." Scarcity is the term economists use to describe the phenomenon that people want more of a commodity than is freely available. Commodities include the physical goods (automobiles, houses, and hand-bags) and services (haircuts, airplane rides, and lawn mowing) that households buy. Commodities also include resources such as people's work effort, raw materials, and the land that is used to produce the household products.
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