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occurs when there are unlimited wants and needs with limited resources.
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Scarcity.
In economics, scarcity is the condition that arises because wants and needs are unlimited while resources (time, money, labor, raw materials) are limited. It forces choices and gives rise to opportunity cost.
In economics, scarcity is the condition that arises because wants and needs are unlimited while resources (time, money, labor, raw materials) are limited. It forces choices and gives rise to opportunity cost.
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