ECONOMIC TERMINOLOGIES. CIVICS CE.11A Mrs. Kozlik. SCARCITY. SCARCITY IS THE INABILITY TO SATISFY ALL THE WANTS AT THE SAME TIME. ALL RESOURCES AND GOODS ARE LIMITED. THIS REQUIRES THAT CHOICES BE MADE. RESOURCES. FACTORS OF PRODUCTION THAT ARE USED IN THE PRODUCTION OF GOODS AND SERVICES
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The amount of a good or service that producers are willing and able to sell at a certain price
The amount of a good or service that consumers are willing and able to buy at a certain price