You like to read Vogue and Sports Illustrated.You have only $5 to spend,so you buy only Sports Illustrated.Which economic concept does this statement BEST represent?
A)Scarcity
B)Equilibrium
C)Marginal Analysis
D)Specialization

Question

Quizplus · Accepted Answer

This statement represents the economic concept of scarcity, where there are limited resources (in this case, limited money) that need to be allocated among various wants and needs (reading material). The choice to buy only Sports Illustrated instead of both Vogue and Sports Illustrated is a result of having to make a trade-off due to the limited budget.

You Like to Read Vogue and Sports Illustrated