Scarcity, Choice, and Cost
All choices mean that one alternative is selected over another. Selecting among alternatives involves three
ideas central to economics: scarcity, choice, and opportunity cost.
Our resources are limited. At any one time, we have only so much land, so many factories, so much oil, so
many people. But our wants, our desires for the things that we can produce with those resources, are
unlimited. We would always like more and better housing, more and better education—more
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