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17 May, 21:40

What is the relationship between scarcity and choice

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  1. 17 May, 23:53
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    Scarcity and choice are fundamentally related because they are driving forces behind many economically-oriented human behaviors. The fact that most resources are limited to some extent forces people to make tough decisions, and it also has a direct affect on the pricing of things people want. For the purposes of this definition, resources could be anything from money, to goods, time, or even more abstract things like patience.
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