Scarcity
If in the very first minute of the very first economics class you take doesn’t mention the word scarcity you might not have a teacher that really is going to help you learn about positive economics. Instead, they might be teaching you normative economics.
Scarcity is everything. Everything is scarce.
Once you understand scarcity, you can begin to really delve into the finer points of economics. That’s when you understand that markets make supply and demand really tick.
Where economics gets screwed up is when value judgments are imputed into the figuring out. As soon as you try to get “fairness” into a marketplace, the scarcity and economic part falls out.
Source: http://pointsandfigures.com/2020/07/11/scarcity/
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