Overview 1 a Chapter I introduces the concept of scarcity as applied in economics(also the No-Free-Lunch Principle). It presents the unavoidable fact that our needs and wants are unlimited and resources available to satisfy them are limitedMB MC Overview 1 ◼ Chapter 1 introduces the concept of scarcity as applied in economics (also the No-Free-Lunch Principle). It presents the unavoidable fact that our needs and wants are unlimited and resources available to satisfy them are limited