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OCW Scholar - Principles of Microeconomics 64 Online
OpenStudy (anonymous):

In the dictionary, scarcity is explained as "an inadequate amount of something; a shortage". But in the coursebook given(Principles of Microeconomics), it is explained as "the condition of having to choose among alternatives". Are they really the same thing? What should I understand of these two explainations.

OpenStudy (anonymous):

Scarcity (general meaning) and economic scarcity are two different (albeit similar) things - although both correct. To help you bridge the gap between these two meanings: Economic scarcity can be defined as the inherent shortage (non-infinity) of available resources or goods which make it necessary for an economic agent to chose between the possible distributions of resources or goods when seeking to achieve maximum utility. Hope this helps.

OpenStudy (anonymous):

I thought the text definition was fantastic because it points out a inherent characteristic of having a shortage, thereby expanding the way we can think about that word and scenario.

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