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Discuss the statement: "The root cause of all economic problems is scarcity."

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Final answer:

Scarcity in economics prompts decision-making through prioritization and trade-offs.


Explanation:

Scarcity is a fundamental concept in economics, highlighting the imbalance between unlimited wants and limited resources. It necessitates societies to make choices on what to produce with their scarce resources, leading to the allocation dilemma.

Economist Thomas Sowell emphasizes that scarcity drives decision-making as individuals can never fulfill all their desires, no matter their wealth. This condition of scarcity underpins the 'economic problem' and prompts the need for prioritization and trade-offs.


Learn more about Scarcity in economics here:

https://brainly.com/question/17430147


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