Scarcity is a fundamental principal in economics. Scarcity means that resources are finite while human wants are essentially infinite. There is only a certain amount of any resource in the world. It could be cars, apples, oil, food, or water; there are limits on everything. Not only are resources scarce, but we have to make choices about what we do with the resources we have . This is called opportunity cost. If I choose to spend $10 on pizza, then that is $10 I don't have to spend on ice cream. Finally, the ultimate scarcity is our time. Everyone has 24 hours in a day. That's it. Time is a finite resource. And time spent on one task can never be taken back and used for something else. Another way to talk about scarcity is to talk about inputs. Input is my favorite word . It reminds us that any person, system, organization, business, or government requires continuous input. (Even non-profit organizations!) As a child, I used to think there was such a thing as free food. But the...
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