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Scarcity (Limited (Coal, Iron, Seawater, Trees), Scarce (Gold, Oil,…
Scarcity
Limited
Coal
Iron
Seawater
Trees
Scarce
Gold
Oil
Drinking Water
Diamonds
Limited Resources
People
Only so many people can be used to make something
Money
Money is finite
Time
24 Hours in a day,
Supplies
Things needed to make other things are finite
Rare
Rare Earth Metals
Lithium
Trade Offs
Allows Consumers to Make Decisions
Makes a compromise
Choice
Limited Resources
Opportunity Costs
Unlimited Wants