The concept of scarcity implies that people must make choices among alternatives.

Question

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Scarcity refers to the limited availability of resources relative to society's wants and needs. As a result, people must choose which goods and services to produce, consume, and trade-off against other alternatives, given that they cannot have everything they want. Therefore, scarcity necessitates making choices among alternative uses of resources.

The Concept of Scarcity Implies That People Must Make Choices