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Economics Unit 1: Scarcity and Costs & Benefits Flashcards | StudBud
Economics Unit 1: Scarcity and Costs & Benefits
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What is the difference between a shortage and scarcity?
A
A shortage is often short-term; scarcity always exists.
B
Rising prices cause shortages; falling prices show scarcity.
C
A shortage is lacking everything; scarcity is lacking one.
D
There is no real difference between a shortage and scarcity.
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