The BIG Idea
Scarcity is the basic economic problem that requires people to make choices about how to use limited resources.
Why It Matters ?
Have you ever wanted to buy something or to participate in an activity, but you couldn’t because you didn’t have enough income or time? How do scarce resources like time and income affect you and everyone around you? In this chapter, read to learn about what economics is and how it is part of your daily life.