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Consider a string with several rocks tied along its length at equally spaced intervals.You whirl the string overhead so that the rocks follow circular paths.Compared to a rock in the middle of the string,a rock at the outer end moves
Scarce Resources
Scarce resources are resources that are limited in availability and cannot satisfy all the wants and needs of an economy or population.
Allocate
To distribute resources or duties for a specific purpose according to a plan.
Irrational Behavior
Irrational behavior describes actions or decisions that are not in line with logical or rational thinking, often defying expected outcomes based on standard economic theories.
Diamond
A precious gemstone formed under high temperature and pressure conditions, often used in jewelry and industrial applications, not primarily an economic term unless discussing market dynamics.
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