What Is Scarcity,and Why Is It a Fundamental Concept in Economics

question 135

Essay

What is scarcity,and why is it a fundamental concept in economics?

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Definitions:

Inhibitions

The process of holding back or restraining behaviors, emotions, or impulses.

Foot-In-The-Door Phenomenon

A compliance tactic that involves getting a person to agree to a large request by first setting them up by having that person agree to a modest request.

Cognitive Dissonance

The mental discomfort experienced when holding two or more contradictory beliefs, values, or ideas simultaneously.

Attitudes

Psychological tendencies expressed by evaluating particular entities with some degree of favor or disfavor.