Scarcity versus poverty, economics homework help

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Economics

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Explain how scarcity and poverty are different. Give examples to support your reasoning.


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Explanation & Answer

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Running head: SCARCITY VERSUS POVERTY

Scarcity versus Poverty
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SCARCITY VERSUS POVERTY

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Scarcity and poverty are two terms that are normally mistaken, where one is used
interchangeably with the other but they are actually different. Scarcity refers to a state of short
supply while poverty stands for a state of having the basic needs not met; it is the state of being
extremely poor.
These both terms are common in that they refer to a situation in which people's
necessities are n...


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