ECONOMICS

Detailed explanation-1: -There is always scarcity, because human wants are unlimited. This then brings use to a third important idea: Because of scarcity we MUST MAKE CHOICES. Some economists call this the “economizing problem". We can’t have everything that we want so we have to choose.

Detailed explanation-2: -Where there is scarcity, choices must be made! Scarcity refers to the finite nature and availability of resources while choice refers to people’s decisions about sharing and using those resources.

Detailed explanation-3: -Scarcity is a situation where the available resources are limited (not enough) to meet the unlimited needs of people.

Detailed explanation-4: -Since resources are limited, people must make choices related to goods and services. Scarcity is the condition of not being able to have all of the goods and services one wants because wants exceed what can be made from all available resources at any given time.

Detailed explanation-5: -Individuals and societies are forced to make choices because most resources are scarce. Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions.