![]() At any point in time, there is only a finite amount of resources available. Of course, the ultimate scarce resource is time- everyone, rich or poor, has just 24 hours in the day to try to acquire the goods they want. ![]() Resources, such as labor, tools, land, and raw materials are necessary to produce the goods and services we want but they exist in limited supply. Scarcity means that human wants for goods, services and resources exceed what is available. If you look around carefully, you will see that scarcity is a fact of life. These can be individual decisions, family decisions, business decisions or societal decisions. Explain the relationship between production and division of laborĮconomics is the study of how humans make decisions in the face of scarcity.Discuss the importance of studying economics.By the end of this section, you will be able to:
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