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Economics - Financial Markets
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OpenStudy (anonymous):
How do scarce resources influence you personally? What impact does this have on your financial management?
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OpenStudy (anonymous):
they help you make rational decisions, the concept of opportunity costs comes as in also, you utilize a commodity when it maximizes your utility
OpenStudy (anonymous):
Prices. The more scarce a resource (wanted and limited), the pricier it is. Therefore, you can buy less of that resource. This will have income and substitution effects on your financial management.
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