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Every economic system has the same problem: how to efficiently and effectively allocate scarce/limited resources to people with unlimited wants and needs. Choosing two strategies
Every economic system has the same problem: how to efficiently and effectively allocate scarce/limited resources to people with unlimited wants and needs. Choosing two strategies from the various strategies (price, authority, lottery, personal characteristics, and contests), compare and contrast how the two strategies will meet the challenge of allocating scarce resources
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