A three-year-old learns about the fundamental economic problem when she

Question

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When a child is told they can't have a toy at the store, they are experiencing the fundamental economic problem of scarcity - the idea that there are limited resources and unlimited wants. They want the toy, but the resources (money) to acquire it are limited or not available. This can be a formative experience for a child as they begin to understand the concept of choice and trade-offs.

A Three-Year-Old Learns About the Fundamental Economic Problem When She