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What are economic resources and how does the scarcity of resources apply to economic decisions?

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Darryn D'Souza
Darryn D'SouzaLv10
28 Sep 2019
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Related questions

Explain the relationship between economic resources and the concept of scarcity.

Read the following statements carefully and write true or false with a reason.

Ā 

a) Economic problems and scarcity of resources are not related to each other.

b) If there were no choices in resource allocation, microeconomics would not have existed.

c) All resources are not equally scarce all the time.Ā Ā 

d) Lack of scarcity implies lack of economic problem.

Ā 

The economic problem of scarcity applies:

A. to economic systems in all nations, regardless of their level of development
B. only in underdeveloped countries, because there are no productive resources in these nations
C. only in economic systems that are just beginning to develop, because specialized resources are scarce in developing nations
D. only in industrially developed countries, because resources are scarce in these nations

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