ECON 2002 Principles of Economics
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As per the course ECON2002 Principles of Economics, there are 7 principles of economics:
- Scarcity Forces Tradeoffs.
- Costs VS Advantages.
- Thinking at the Margin.
- Incentives Matter.
- Trade Makes People Better Off.
- Markets Coordinate Trade.
- Future Consequences Count.
Scarcity is one of these economic problem as per the course ECON2002 Principles of Economics that exists because we have unlimited wants that cannot be satisfied by the limited amount of resources our life has. The goods or services that are equals to priceless are known as scarce.
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