Scarcity in Economics | Definition & Examples
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Scarcity in Economics | Definition & Examples
Learn about what scarcity is in economics. Examine the relationship between scarcity and choice in economics. Find out about economic incentives.
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People living in scarcity may face unique challenges and limitations that can impact their perspective and the opportunities they perceive. Here are some aspects that people living in scarcity may struggle to see compared to those who are not: Abundance Mentality: Individuals in scarcity often have a mindset influenced by lack and limited resources. They may find it difficult to see possibilities for growth, abundance, or opportunities beyond their immediate circumstances. Long-Term Planning: Sc
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