A Economics: Studying Choice In a World of Scarcity a The Scarcity Principle o Boundless wants cannot be satisfied with limited resources Therefore, having more of one thing usually means having less of another o Because of scarcity we must make choices Chapter 1: Thinking Like an Economist Slide 7MB MC Chapter 1: Thinking Like an Economist Slide 7 Economics: Studying Choice In a World of Scarcity ◼ The Scarcity Principle ⚫ Boundless wants cannot be satisfied with limited resources. ⚫ Therefore, having more of one thing usually means having less of another. ⚫ Because of scarcity we must make choices