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Alexandra Damron
ECON 1110-w01-07604
Econ 1110 Application Paper
Economic Principle: SCARCITY & OPPORTUNITY COST:
How they shape our choices and reflect our normative
perspectives.
Section One
When an economist speaks of the word “scarcity”, they are speaking of an issue that
there are inadequate resources to satisfy human wants and needs for a product, simply put
there is a limited supply of something. Scarcity greatly effects economic resources; economic
