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Scarcity
An axiom of economics is that there are not enough resources to go around. There is always a situation of scarcity in that there are less goods available than there are people who want them (even if there are plenty of goods, there are always people for whom the goods are too expensive). In this sense, economics is the science of the allocation of scarce resources.
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- Part of Speech: noun
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- Industry/Domain: Politics
- Category: Political Science
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