1.2 1 SCARCITY Definition the limited nature of society's resources 1. we seek to satisfy our many and varied needs and wants 2. but our income is scare 3. so we have to make choices about which needs and wants we will satisfy Model an assumption a constraint a consequence7 1.2.1 SCARCITY ◼ Definition ◼ the limited nature of society’s resources. 1. we seek to satisfy our many and varied needs and wants 2. but our income is scare 3. so we have to make choices about which needs and wants we will satisfy. ◼ Model an assumption + a constraint = a consequence