ECO 360/ Marginal benefit / cost and scarcity

Define the concept of scarcity: Scarcity: The goods available are too few to satisfy individuals' desires. Scarcity is a central concept in economics. Resources are scarce if any individual would prefer to have more of that good or service than they already have. Most goods and services are scarce - those that are not are known as free goods. Where goods are scarce it is necessary for society to make choices as to how they …

…accumulation score by taking advantage of surpluses and looking down the timeline before jumping into something. We need to start saving now for our retirement has inflation goes up so does the amount of money we need to retire. References Colander, David C. Macroeconomics (5th ed.) Irwin/McGraw-Hill, 2004 Burr Ridge, IL, Retrieved on June 30, 2005 from University of Phoenix Resources www.mycampus.phoenix.edu "Calculate your net worth "and "take the Wealth test" Money, December 2003, page 99