Unit 1.1: Scarcity, choice and opportunity cost
This page looks further at the question of what is economics and given that we do not live in a perfect world, we are forced to make choices in terms of how we spend our scarce financial resources as well as how we spend our time. What is scarcity and why does it exist? Why does the scarcity of a good or service depend as much on location and circumstance as the product in question? What is the basic economic...