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Explain the economic problem of scarcity?

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Scarcity is our limited resources but unlimited wants. Our resources are limited by the 4 factors of production - land, labour, capital and enterprise.
The problem of scarcity is that our wants are always beyond what we can produce with our resources.
First answer by Geof. Last edit by Alex cai. Contributor trust: 5 [recommend contributor recommended]. Question popularity: 28 [recommend question].

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