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Shortages and Scarcity in Agriculture

A key concept taught in any economics class is the difference between an economic and a noneconomic good. The difference involves scarcity. In fact a concise definition of economics is “The study of the allocation of scarce resources between competing ends.” Scarcity is simply defined as the amount of something that is available compared to the demand for that something. Any scarce good has economic value and the scarcer the good the greater that value is. And shortages of a good or resource increases its value. Many of us have seen this reflected in the prices paid when purchasing food ...


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