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Answer: The problem of scarcity is arising due to unlimited demand and limited resources to fulfill the demand. It affects virtually all aspects of life, as people must constantly acquire wealth to pay for needs that are in short supply.

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The failure to deal with scarcity causes problems in a variety of areas, including money, education, and skill development.

  • One of the most important notions in economics is scarcity. It signifies that the demand for a product or service exceeds the supply of that product or service.
  • The failure to deal with scarcity causes problems in a variety of areas, including money, education, and skill development. Accepting scarcity allows youngsters to learn the skills needed to reduce its influence on their lives.

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