Explain (in economic terms) the difference between scarcity and shortage.

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asked Jun 14, 2021 8.1k views

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Clint Miller · Answer 1 · 2021-06-17T20:28:21+0000

Scarcity is a naturally occurring limitation on a resource that can’t be replenish. A shortage is the short term version of that where the item can be reproduced.

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Explain (in economic terms) the difference between scarcity and shortage.

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