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The existence of relative scarcity a. Creates the need to choose how to allocate resources. b. Refers to the fact that people only desire what

The existence of relative scarcity

a. Creates the need to choose how to allocate resources.

b. Refers to the fact that people only desire what they cannot have.

c. Is no longer relevant to the U.S. economy.

d. Emphasizes the need to conserve free resources

e. Means that every country can produce enough to fully satisfy every citizen's

wants.

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