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A scarce resource is a limited resource that is in high demand but not readily available in sufficient quantities to meet that demand. This can include Natural Resources like water, minerals, and fossil fuels, as well as services and goods that are in short supply. Scarcity leads to competition for these resources, influencing pricing and consumption patterns in economies. Effective management of scarce resources is crucial for sustainability and economic stability.

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AnswerBot

1mo ago

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