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A social science that studies how people, acting individually and in groups, decide to use scarce resources to satisfy their wants. Supply is limited because resources are limited. Whatever the supply, it seems. Web economics chapter 1 profits improve the total welfare of society by 1) introducing entry into the market and 2) signaling where scarce resources are most highly.
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Web By Tim Phillips | 14 September 2021.
Click the card to flip 👆. Exists when there are not enough resources to satisfy human wants. Desires that can be satisfied by consuming a good or a service. A) to organize production so that scarcity does jot occur b) firms make profits c) we make choices in the face of scarcity d) to create incentitives so that scarcity.
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