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Scarcity is the elemental notion in Economics. It refers to availability of confined methods to satisfy our limitless requires. Explicitly, sources like manpower, technological innovation, cash and raw supplies are constrained but our requirements and needs are limitless. So, studying Economics helps for making an appropriate final decision regarding the way to use these resources so as to meet up with the demand of buyers. The knowledge of this issue helps us find out The explanations for these decision. What's more, it delivers idea on building appropriate decision by exploring the necessity of existing current market.

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4. ‘Fallacy of Composition’ is involved which doesn’t develop into genuine for the reason that not automatically, the things which are true for aggregate is also real for unique.

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