Grade 5 · Social Studies · Lesson 23

Scarcity and choices

Why do we have to CHOOSE? Why can\u2019t we just have everything we want? The simple answer is SCARCITY. Scarcity is the fact that there is not enough of most things to go around — not enough money, not enough time, not enough rare stuff. Because resources are LIMITED but our wants are UNLIMITED, we are forced to make choices. Every choice comes with a TRADE-OFF: the next-best thing you give up to get what you picked.

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