30 POINTS QUICK Why is scarcity the basis of all economic decisions? Describe how the role of the government in a society influences the three economic questions. (Site 1)

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible

Explanation:

Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity bec.ause while resources are limited, we are a society with unlimited wants. ... Society would produce, distribute, and consume an infinite amount of everything to satisfy the unlimited wants and needs of humans.

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