Scarcity and Choice

Video Segment |01:52

Scarcity and Choice

Video Segment |01:52

Economic decision-making requires comparing the costs and benefits of different alternatives. Scarcity occurs when wants exceed the ability to satisfy the wants.

©1999 Cochran| Grade(s)

Related Topics

  • alternative
  • alternatives
  • benefits
  • choices
  • concepts
  • costs
  • Economics
  • economize
  • examples
  • explanation
  • income

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