Scarcity in microeconomics
Imagine going to the store with only $10 to spend. You find two items you really want: a book and a movie. Unfortunately, you can't afford both. You have to make a choice. This is an example of scarcity in action.
In microeconomics, scarcity refers to the idea that resources are limited. It applies to physical resources like land, water, and oil, as well...
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