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Scarcity, Trade-offs, and Cost/Benefit Analysis
6:47
YouTubeProfessor Dave Explains
Scarcity, Trade-offs, and Cost/Benefit Analysis
A core concept we must discuss if we are to understand economics is scarcity. Our wants and needs are endless, but the things we want and need are necessarily finite in nature. Therefore, we can say that these things are scarce. They run out. If they didn't, economics would not exist, because economics is all about making choices based on ...
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