Abstract
Scarcity of resources means:
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(1)
Not all the goods we want can be produced; we therefore have to decide what goods?
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(2)
We have to use our limited resources as efficiently as possible; we therefore have to decide how?
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(3)
There will be a limited amount of goods to go round amongst everybody who wants them; we therefore have to decide how they shall be distributed — for whom?
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© 1994 J. Harvey and Janet Johnson
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Harvey, J., Johnson, M.K. (1994). Methods of Allocating Economic Resources. In: Modern Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-23360-1_2
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DOI: https://doi.org/10.1007/978-1-349-23360-1_2
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-60835-7
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