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How does scarcity determine the economic value of an item?

by the amount of goods that are produced
by the capital required to build the factory
by the unlimited wants of the consumers
by the resources consumed in production

Sagot :

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Scarcity determines the economic value of an item by the amount of goods produced.

What is economic scarcity?

It corresponds to a context where there is a greater demand than supply for a good or service, generating an economic imbalance.

Therefore, in a situation of scarcity, consumers' desires may be limited, leading to higher prices and reduced purchasing power.

Find out more about scarcity here:

https://brainly.com/question/3081250

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