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An economic term that describes when the needs and wants of a person or group exceed the resources available to meet these needs and wants.
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An economic term that describes when the needs and wants of a person or group exceed the resources available to meet these needs and wants.

User Kevin Peno
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Answer:scarcity

Explanation: The resources that we value—time, money, labor, tools, land, and raw materials—exist in limited supply. There are simply never enough resources to meet all our needs and desires. This condition is known as scarcity.

User Micah Alcorn
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