scarcity. Carol Mathias. Scarcity is the problem of economics. Scarcity occurs because people’s wants and needs are unlimited, and the resources needed to produce goods and services are limited. Things that are scarce:. Money is scarce! ( no kidding!). Things that are scarce:.
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The Housing Bubble Markets have to happen if someone wants to sell their house?
If prices come down then inflation is tamed. get you to shop?
The economy is fixed: Macroeconomics to the rescue! get you to shop?
The Three Basic Economic
People gain from voluntary trade. get you to shop?
Everything has a cost.
People choose for good reasons.
People create economic systems to influence choices and incentives.
The value of goods or services is affected by people’s choices.The Economic Way of Thinking