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Scarcity, the Basic Economic Problem

Scarcity, the Basic Economic Problem

What would you do if you showed up to class and there weren't nearly enough chairs to go around? Well, you're facing an economic problem that requires an economic system to solve! This lesson introduces the basic economic problem of scarcity and defines "Economics" and "Economic systems", both key concepts for a student starting out on his or her journey to study the "dismal science"!...

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