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Scarcity |
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Scarcity The basic economic problem which arises from people having unlimited wants while there are and always will be limited resources. Because of scarcity, various economic decisions must be made to allocate resources efficiently. Notes: When we talk of scarcity within an economic context, it refers to limited resources, not a lack of riches. These resources are the inputs of production: land, labor, and capital.
People must make choices between different items because the resources necessary to fulfill their wants are limited. These decisions are made by giving up (trading-off) one want to satisfy another. |
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