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Scarcity is the elemental concept in Economics. It refers to availability of constrained sources to satisfy our limitless desires. Explicitly, sources like manpower, technologies, cash and Uncooked components are minimal but our needs and demands are endless. So, studying Economics helps to make an proper selection regarding tips on how to use these resources in order to fulfill the need of consumers. The knowledge of this subject matter helps us uncover The explanations for these kinds of selection. It also presents idea on building suitable determination by investigating the need of current marketplace.
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