Are there any economics majors out there?
You guys will love this post as I will be sharing an economic principle that you’ll be very familiar with. For those who haven’t studied economics, you may be unfamiliar with the principle I’m about to share. In economics, it’s widely understood that:
“Human wants exceed the capacity of available resources to satisfy those wants”
That is the basic definition of the term scarcity. While I am against the concept of scarcity, it is actually something that we can all relate to. We want so many things, yet face a lack of capital to achieve those things.