💡Scarcity = having limited resources to make goods/services.

Imagine you're a group of 5 that ordered a pizza with 8 slices, but everyone wants 2 slices.

That's not possible because the amount of pizza is scarce. 🍕

Scarcity is an issue because humans have practically unlimited wants and needs. 😩

But because there are limited resources, we can't fulfill all those wants and needs!

When eggs and baby formula became scarce in 2022, their prices skyrocketed because those are significant needs for a lot of people. 🥚

Imagine you only have $10, and want a book and a t-shirt that are $10 each.

You can't get both, so you need to make a choice. That's scarcity! 💔

Economically speaking, scarcity requires us to prioritize our needs. 📈

It's what makes us weigh our options and make choices every day based on what's available. ⚖️

Without scarcity, economics wouldn't even exist because we would have everything we wanted! 🌍

Now, you understand why scarcity is the heart of economics! 💖