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"A Shortage Is the Same Thing as Scarcity

question 313

Essay

"A shortage is the same thing as scarcity." Do you agree or disagree with this statement? Why? What can cause a shortage to disappear in a market? What can cause scarcity to disappear?


Definitions:

Institutional Racism

"The manipulation of social institutions to give preferences and advantages to Whites and at the same time restrict the choices, rights, mobility, and access of people of color."

Accountability

The obligation of an individual or organization to account for its activities, accept responsibility for them, and to disclose the results in a transparent manner.

Institutional Racism

A system of policies and practices entrenched in established institutions, which result in the unfair disadvantage to individuals or groups based on race.

Cultural Competency

The ability to understand, appreciate, and interact effectively with people from different cultures.

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