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Scarcity is "a situation in which the ingredients for producing the things that people desire are insufficient to satisfy all wants" (Miller 27). Scarcity occurs because there are not enough natural resources to meet all human wants. It was present in the past, exists in the present, and shall continue in the future.
In Jim Lobe's article "Too Much for Mother Earth", he discusses how China's growth rate is detrimental to earth. With statistics, Lobe shows how, if the country's economy continues to strengthen and expand at the rate it is today, not only will China exceed the United States current per capita income (the total national income divided by the number of people in the nation) but also stretch the earth's resources beyond what it is able to provide. Lobe specifically emphasizes the production of grain, energy, steel, and paper products.
"Scarcity is the most basic concept in all of economics" (Miller 27). Scarcity happens when humans begin overproducing goods and......

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Approximate Word Count: 780
Approximate Pages: 4 (250 words per double-spaced page)

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