Final answer:
Scarcity affects our efforts to meet our wants because we have limited resources to satisfy our unlimited wants. We have to make choices and prioritize our wants based on our available resources.
Step-by-step explanation:
Scarcity affects our efforts to meet our wants because we have limited resources to satisfy our unlimited wants. Here are five wants you might have right now:
- Want A new video game - Scarcity means you may not have enough money to buy the video game you want, so you have to prioritize and decide what other things you may have to give up to buy it.
- Want A vacation - Scarcity affects your ability to go on vacation as you may not have enough time off work or enough money to cover all the costs associated with a vacation.
- Want Designer clothes - Scarcity means you may not be able to afford expensive designer clothes, so you have to settle for more affordable options or wait until you can save up enough money.
- Want A new phone - Scarcity impacts your ability to buy a new phone because you may not have enough money to afford the latest model or the limited supply may make it difficult to find one.
- Want: Eating out at fancy restaurants - Scarcity can make it challenging to eat out at fancy restaurants regularly, as the high prices may make it a luxury that you can't afford all the time.
- Overall, scarcity forces us to make choices and prioritize our wants based on our limited resources, such as time and money.