微观经济学（黄新飞）3.docVIP

When there are insufficient resources to satisfy all individual wants: Government has to decide which wants go unsatisfied. A market system must be implemented. Choice must be made. Prices must rise. The primary implication of scarcity is that: One should never wait until tomorrow to buy something that is available today. Government planning is required to determine how resources are to be usde. Choice must be made. The standard of living will decline over time. Economics is about how individuals and countries: Satisfy unlimited wants with limited resources. Satisfy limited wants with unlimite