Scarcity means every choices involves a trade-off.

Question

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Scarcity is the fundamental economic problem that arises due to limited resources and unlimited wants. As a result, individuals, businesses, and governments have to make choices and trade-offs between different alternatives. This is because resources, such as time, money, or natural resources, are finite and cannot satisfy all our needs and desires at once. Therefore, every choice we make involves giving up something else, and this is what we call opportunity cost.

Scarcity Means Every Choices Involves a Trade-Off