56
Lesson 56 of 84 · Economics
Scarcity: Not Enough for Everyone
Scarcity is the fundamental economic problem: not enough resources for everyone's wants. Because of scarcity, people must make choices about using what is available.
Key Facts
1
Needs are different from wants.
2
Supply and demand affect prices.
3
Trade connects people globally.
Check Your Understanding
Question 1
1 of 2What is the difference between needs and wants?