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What Do Economists Call the Idea That Because of Scarcity

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What do economists call the idea that because of scarcity, producing more of one good or service means producing less of another good or service?


Definitions:

Confirmed Offering

A finalized agreement to sell securities, such as stocks or bonds, at a specified price and time, with all terms agreed upon by both the issuer and investors.

Dutch Auction

A Dutch auction is a market structure in which the price of something being sold is lowered until it meets a bid and is sold at that price.

Preemptive Right

A shareholder’s right to maintain their proportional ownership in a company by being able to buy additional shares before the company offers them to the public.

Proportional Ownership

Holding a portion of an entity that corresponds to the percentage of total shares owned.

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