the basic “problem” in economics is scarcity. scarcity means that there are not enough resources to meet our unlimited wants. what evidence do you see around you that things are limited? list one way that you see scarcity in your life.

Certainly! Here's a clear explanation and example related to scarcity:

Understanding Scarcity in Economics

• Basic Problem: Scarcity means there are limited resources but unlimited wants.
• Why It Matters: Because resources like time, money, materials, and energy are limited, we must make choices about how to use them.

Evidence of Scarcity Around Us

• Examples You Might See:
  • Limited seats in a classroom or on a bus.
  • Shortage of food during a busy event or holiday.
  • Waiting in line because a popular product is in limited supply.
  • Limited time in a day to do all the things you want.

One Way Scarcity Affects My Life

• Example: I only have a certain amount of money each month, so I have to choose between buying a new phone or saving for a vacation. I can’t do both because my financial resources are limited.

Scarcity forces us to prioritize and make decisions, which is the core challenge in economics!