Principles of Macroeconomics / Unit 1 MAC 0002 short lesson, about 20 seconds
Scarcity and the Three Questions
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The idea
Scarcity means wants exceed the resources available, so every society must answer three questions: what to produce, how to produce it, and for whom.
In practice
Time is the sharpest case: everyone gets twenty-four hours a day and no more.
Where people slip
Scarcity is not poverty. A wealthy person still cannot buy every good, and still must choose how to spend an hour.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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