tice Exam 1 A fy the choice that best completes the statement or answers the question, 1. When a society cannot produce all the goods and services people wish to have, it is said that the cconomy is experiencing a. scarcity, b. surpluses. c. inefficiencies. d. inequalities. 2. Sophia is planning her activities for a hot summer day. She would like to go to the local swimming pool and

Scarcity is a fundamental concept in economics that highlights the limited nature of resources compared to the infinite desires of individuals. This concept dates back to ancient civilizations, where societies had to make tough choices about how to allocate their limited resources effectively. Understanding scarcity helps us comprehend the trade-offs we face daily, underscoring why economics is often called the "study of choice." When it comes to planning summer activities like heading to the local swimming pool, considering factors such as weather conditions, budget constraints, and time availability can greatly enhance the experience. It’s also a good idea to bring along water, sunscreen, and a few friends to make the day more enjoyable and to share costs, ensuring you optimize enjoyment while managing resources wisely!