Australia along with Oceania is completely in the Southern Hemisphere.
Scarcity determines the economic value of an item by the amount of goods produced.
<h3 /><h3>What is economic scarcity?</h3>
It corresponds to a context where there is a greater demand than supply for a good or service, generating an economic imbalance.
Therefore, in a situation of scarcity, consumers' desires may be limited, leading to higher prices and reduced purchasing power.
Find out more about scarcity here:
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Circular reasoning is what that's called
