Scarcity and choice are important in economics because there would be no economy if there was no scarcity (limitation in resources) and no choice as to how these resources would be used.
Scarcity and choice are the founding blocks of the story of economics. Scarcity in economics refers to limited resources against unlimited wants. Choice is the alternative between them.
Economics deals with the study of human behavior and how humans allocate their limited resources (scarcity) with their unlimited wants.
Since we have limited resources, we usually have to choose one option (choice) and forgo the other. This phenomenon is called “opportunity cost” .
Our wants change when we consume more of one particular option, Its value diminishes and we start preferring some other option. This is called ‘utility’ or ‘diminishing utility’ as a progressive term.
Example:
If you are in school and you only have $10 for lunch money (scarcity), you can either buy a McDonald’s meal or you can have a healthier meal from a local restaurant of which both cost $10. you can’t have both, you need to choose one and forgo the other (opportunity cost).
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more