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What Is Scarcity and Why Does It Exist? How Is

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What is scarcity and why does it exist? How is scarcity related to the study of economics?


Definitions:

Distribute

To allocate or spread out resources or goods across different recipients or areas.

Natural Heirs

Individuals who are legally entitled to inherit the estate of a deceased person based on their relationship by blood or adoption.

Testator

An individual who has made a valid will to direct the distribution of their estate after their death.

Abatement

A reduction, decrease, or complete removal, often in reference to taxes, rent, or nuisances.

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