Scarcity requires consumers to make trade-offs when choosing which goods and services to prioritize.
Scarcity is the concept that resources are limited compared to unlimited human wants. Due to this, consumers must make choices about what goods and services to prioritize since producing one thing often means giving up another.
For example, if a society decides to invest more in healthcare, it may need to reduce spending on education or other services. This illustrates the trade-offs that consumers face when allocating scarce resources.
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