Explain the concept of scarcity and how people make choices according to neoclassical analysis.
-What creates scarcity, according to neoclassical analysis? Explain the difference between what people need and what people want and desire and how this difference creates scarcity.

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-What creates scarcity, according to neoclassical analysis? Explain the difference between what people need and what people want and desire and how this difference creates scarcity.

Explain the Concept of Scarcity and How People Make Choices