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Scarcity is the fundamental concept in Economics. It refers to availability of confined methods to fulfill our limitless demands. Explicitly, assets like manpower, technological innovation, cash and raw components are constrained but our wants and demands are endless. So, researching Economics helps for making an proper decision with regards to the way to use these resources to be able to satisfy the demand of customers. The knowledge of this topic helps us learn The explanations for these decision. Furthermore, it delivers idea on producing good choice by exploring the need of current market place.
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