ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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By making trade-offs.
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By figuring out how to satisfy every want and need.
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By focusing on wants first and then needs.
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There is literally no answer.
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Detailed explanation-1: -The government deals with scarcity by placing its resources and funding to those who need it most.
Detailed explanation-2: -people use their scarce resources to satisfy their unlimited wants. businesses supply unlimited goods & services with limited resources.
Detailed explanation-3: -Resources are scarce because we live in a world in which humans’ wants are infinite but the land, labor, and capital required to satisfy those wants are limited. This conflict between society’s unlimited wants and our limited resources means choices must be made when deciding how to allocate scarce resources.
Detailed explanation-4: -How Can a Society Deal With Scarcity? Societies can deal with scarcity by increasing supply. The more goods and services available to all, the less scarcity there will be. Of course, increasing supply comes with limitations, such as production capacity, land available for use, time, and so on.