Within the Discussion Board area, write 400–600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas:
Scarcity implies that people cannot have everything that they want. Their resources are limited, so they must choose which of the many possible goods and services they will have. This applies to society as well as to any individual. Please discuss the topic of scarcity using the following terms and concepts:
Supply and demand
Opportunity costs
Trade-offs
Factors of production
Production possibilities frontier
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