Economic scarcity is capable of affecting an individual's life on a average day, for example, in the sense of not having enough money to eat and pay for a ride to work, with a trade-off involved in this situation being the fact that that the individual has to choose between one resource or another to solve a problem.
What is scarcity?
It corresponds to an economic situation when there are not enough resources to satisfy the desires and needs of individuals. This is a fundamental problem that the economy seeks to satisfy through a balance between supply and demand.
Therefore, another trade-off related to scarcity could be an individual who takes on bank loans in order to satisfy their housing and food needs, for example.
Find out more about economic scarcity here:
https://brainly.com/question/26856258
#SPJ1
