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.
The Many Uses of Economic Tools
Economics was first developed to study the production and distribution of goods and services. he boundaries of the field are much broader now. For example, economists have expanded their sights from the wealth of nations to the health of nations, with goals to get more out of our limited health care resources.