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The concept of Scarcity
Why study microeconomics? The answer is the same as the answer to the broader question. Why study economics? The answer lies in the concept of scarcity. Scarcity is something that affects us all. Wouldn't you like to be able to study more and also have more time to watch TV or listen to music? Wouldn't you like to have more clothes without giving up any evenings "out on the town"? For most people, the answer to such questions is yes. Why can't we have more of everything? Because each of us individually and all of us collectively, as a society, are constrained by scarcity, the most basic concept in all of economics. Scarcity means that we do not have and cannot, obtain enough income or wealth to satisfy every desire. We are referring to the way people feel: what they want, need, or desire relative to what is available at any moment in time.
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