BSNS 113- Otago| Latest Version
Scarcity - ️️ - Sometime is scarce if there is not enough for everyone if it were free
Implies the need for trade offs
Unlimited wants - ️️ - People have unlimited wants, but the resources to satisfy
those wants is limited.
Positive economics - ️️ - ...
Demand - ✔️✔️- People who are willing to buy a product for a given price
Substitution effect - ✔️✔️- If price increases, demanders will substitute out to a
cheaper alternative
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