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. In economics, scarcity is the existence of limited resources that can be used in a market to create prices. This can be done through the allocation of a fixed amount of resources among different buyers, or by limiting the number of units of a good that can be produced. Scarcity can be a real world example of how it affects prices and how people's behavior changes in response to it. In the case of scarce resources, for example, people might be more willing to pay a higher price for something b

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Question: In your words Explain what scarcity is in economics and provide a real world example

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Scarcity in economics is when there are limited resources to meet the infinite demands of society. An example of this in the real world is when there is not enough food to feed everyone in a certain area. In this case, the food would be scarce due to limited resources.

Answered by text-davinci-003

Jan. 11, 2023, 1:09 p.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user gladoroth3000's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Wednesday, January 11, 2023

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