Final answer:
Scarcity is the condition of having to choose among alternatives when resources are limited. When a good or service is scarce, there may be a shortage at the going market price, and it can be difficult to find the product in stores. To have more of a scarce good or service, we must give something up.
Step-by-step explanation:
Scarcity is the condition of having to choose among alternatives when resources are limited. When a good or service is scarce, it means that there is a limited quantity of it available compared to the demand for it. In this situation, there may be a shortage at the going market price, which means that the quantity demanded exceeds the quantity supplied. This can lead to a situation where it is difficult to find the product in stores.
An example of scarcity and shortage is when there is a high demand for a new video game console, but there is a limited supply of it. As a result, the console may be sold out in stores, and buyers may have a hard time finding it.
In order to have more of a scarce good or service, we must give something up. For example, if we want to have more free time, we may have to give up some of our other activities or work less hours.