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An economic term used to describe something that is not plentiful is called?
In econonic terms, something that is not plentiful is scarce.As an example, "The scarcity of corn this year has driven prices up along both coasts of the US."Or, more broadly, "The high price of diamonds can be attributed to a combination of their desirability and their scarcity."
What does Samuel Johnson mean by praise like gold and diamonds owes its value only to its scarcity?
Samuel Johnson means that praise, like gold and diamonds, is more valuable when it is given sparingly. If praise is abundant, it loses its worth and significance. Scarcity adds value to the act of praising someone.
Which US state has diamonds?
You can find diamonds in Arkansas, in the Crater of Diamonds State Park.
What is the main scarcity in the US today?
i think it is money
Does the US import or export Diamonds?
The USA Only Imports diamonds, diamonds are not natural to the USA
What US states are diamonds found in?
Arkansas is the home to Crater of Diamonds State Park, the only option for finding diamonds in any US state.
Which system is used to deal with scarcity in the US?
market allocation
How many blood diamonds do the US buy?
The United States is not in the business of buying diamonds, blood diamonds, or otherwise.
How does scarcity force us to make choices?
Scarcity forces us to make choices because every individual have unlimited wants to satisfy. And no one can have everything that they desire, as supplies and resources are limited.
How many diamonds are used the US each year?
About 80% of all diamonds mined are industrial diamonds, and these are the most commonly used diamonds everywhere. This use of diamonds is not measured in number of diamonds, but in tons.
Are conflict diamonds sold in the US legally?
Conflict diamonds from Liberia and Sierra Leone are barred from import by executive orders. It is difficult to identify conflict diamonds conclusively meaning that some diamonds sold int he US may very well be conflict diamonds.
Were is the best place to look for diamonds in the US?
You can pick up diamonds from the earth at the Crater of Diamonds State Park in Arkansas.
