The ultimate consequence of scarcity is making choices. We face limited resources. But, on the other hand, we have limited needs and wants. So, we have to choose what goods we should produce. Another choice is how we make
Scarcity
Does Scarcity Only Work For The Poor? What Causes Scarcity?
The answer is no. It happens to anyone. The key is the insufficiency of resources to satisfy needs and wants. And scarcity occurs when we use the limited resources available to meet our unlimited wants and needs. So,
Production Possibilities Curve: Explanations, Assumptions, Shifting Factors
What's it: A production possibilities curve or production possibilities frontier is an economic model for describing the two goods we can produce efficiently using available resources and technology. Efficiency is important because we are
Scarcity in Economics: Its Relation to Resources, Needs, and Wants
What's it: Scarcity is a finite state, so it cannot fulfill something. In the introduction to economics, scarcity represents a condition in which limited resources cannot satisfy our needs and wants, which are unlimited. Economic