
Economics begins with scarcity: resources are limited while human wants are effectively unlimited. Because we cannot have everything at once, choices must be made about what to produce, buy, save, and sacrifice.
Scarcity is not a gloomy concept; it is the reason economics exists at all. Once limits are acknowledged, planning becomes more realistic, priorities become clearer, and systems can be designed around real constraints rather than fantasy abundance.
Reference:
TaskLoco™ — The Sticky Note GOAT