Does the fact that something is abundant mean it is not scarce in the economic sense? Why or why not?
Whether something is abundant or scare often depends upon circumstance. In America, before COVID-19, we could have said there was an abundance of toilet paper. When COVID-19 hit, toilet paper turned into a scarcity. Here we see how unforeseen crises, more than economics, influences what's abundance and what's scare. We see how economics can turn an abundance into scarcity when in Flint, Michigan, emergency managers tried to save money by changing how its residents received their water.
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Latest answer posted August 14, 2018 at 6:20:59 PM