Day 249 of 365
September 6
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Economics The Economics of Scarcity
Scarcity is economics' fundamental concept: unlimited wants versus limited resources. It forces tradeoffs and drives prices. The diamond-water paradox (water is essential but cheap, diamonds are luxury but expensive) puzzled economists until marginal utility theory emerged.
💡 Did you know?
Air is free because it's not scarce - but bottled air sells in polluted cities!
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