Explain how the economic concept of scarcity links production possibilities curves and the market model (supply and
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Explain how the economic concept of scarcity links production possibilities curves and the market model (supply and demand).
Define or explain in my own words, the relevant economic concepts.- Explain how scarcity is the common foundation for PPCs and the market model.
- It is not sufficient to identify how scarcity is a part of PPCs and markets separately. I have to explain how markets and PPCs are different perspectives on scarcity.
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