What do economists mean when they say we live is a world of scarcity?
Don’t we just have too much stuff?
If you could accomplish anything you wanted in your life, what would that be?
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Thought to Ponder
One of the most important features of our economic resources is their scarcity: land, labor, and capital goods factors are all scarce, and may all be put to various possible uses. The free market uses them ‘productively’ because the producers are guided, on the market, to produce what the consumers most need: automobiles, for example, rather than buggies.