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1 over-dependence on global economy the growth of the philippines economy drastically slowed to just 36% in the first three quarters of 2011, which is si. The basic economic problem of scarcity refers to the situation in which finite factor inputs are insufficient to produce goods and services to satisfy infinite human. The economic problem arises because the supply of resources is limited in relation to the wants of individuals wants are defined as human desires for goods and.
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