Final answer:
Scarcity is the key economic concept that serves as the basis for the study of economics. It implies that there is never enough of anything to satisfy all those who want it. Scarcity forces decision making.
Step-by-step explanation:
Scarcity is a concept at the center of economics. As Economist Thomas Sowell puts it, "The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it..." The key idea of scarcity is that a person will never be able to have everything that he or she wants. Individuals will always desire more; more time, more money, more goods. Even the wealthiest men in America, such as Bill Gates and Warren Buffett, can't have an endless supply of everything they want. And, even if they could afford it, they would not have enough time to use it all. The bottom line is, the condition of scarcity forces decision making.