How does the concept of scarcity affect economic decision making?

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asked May 28, 2021 123k views

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Elentriel · Answer 1 · 2021-06-02T15:38:33+0000

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The ability to make decisions comes with a limited capacity. The scarcity state depletes this finite capacity of decision-making. ... The scarcity of money affects the decision to spend that money on the urgent needs while ignoring the other important things which comes with a burden of future cost.

How does the concept of scarcity affect economic decision making?

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