Scarcity and Choice
Scarcity means that resources, like time, money, workers, and raw materials, are limited relative to the unlimited wants people have for them, so no individual, business, or society can have everything it wants at once. Because of scarcity, everyone constantly makes choices about how to use their own limited resources, and studying how people make those choices, and what results from them, is a central part of what economics is about.
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