Scarcity forces individuals to make choices from "summary" of Economics for Beginners by Andy Prentice,Lara Bryan
Scarcity is a fundamental concept in economics, as it highlights the limited availability of resources in comparison to unlimited wants and needs. This scarcity of resources forces individuals to make choices about how to allocate these limited resources in the most efficient way possible. When resources are scarce, individuals must decide what to prioritize and what to forego, as it is impossible to fulfill every desire due to the constraints of scarcity.
In the face of scarcity, individuals must weigh the benefits and costs of different options before making a decision. This process requires individuals to consider the trade-offs involved in choosing one option over another. For example, if a person decides to spend money on a new phone, they may have to sacrifice spending on other items such as clothes or entertainment. This trade-off highlights the opportunity cost of th...
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