Scarcity vs. Shortage in Economics | Differences & Examples
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Scarcity vs. Shortage in Economics | Differences & Examples
Learn about scarcity and shortages. Understand the difference between scarcity and shortage, identify the causes of shortages, and see relevant examples.
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People living in scarcity may face unique challenges and limitations that can impact their perspective and the opportunities they perceive. Here are some aspects that people living in scarcity may struggle to see compared to those who are not: Abundance Mentality: Individuals in scarcity often have a mindset influenced by lack and limited resources. They may find it difficult to see possibilities for growth, abundance, or opportunities beyond their immediate circumstances. Long-Term Planning: Sc
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