Business Finance
What determines whether or not a resource is scarce?

Question Description

What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?

Final Answer


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1. Scarcity is determined by availability; if a resource is limited in nature, it is scarce by
definition. Economics is the study of the use of scarce resources in the most efficient manner to
produce goods and services. In economics, scarcity is, therefore, the central problem that
economists attempt to solve.
2. Vertical integration occurs when firms take control over the production and/or distribution
steps that are crucial in the production of a company’ goods or services. When a company
integrates backward, i...

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