Running head: ECONOMIC CONCEPTS Economic Concepts Economic Concepts Worksheet Concept Application of Concept from Personal Experience Reference to Concept in Reading Scarcity and choice: Scarcity refers to the restraint of goods and services that can be provided due to the limitation or scarcity of human and property resources. Because of the insufficiency, people must select what they want and what they do not. This is what it means by choice. The concept of scarcity and choice is of key importance to economy, which is to meet the insatiable needs of man with limited products and services by inadequate resources. In China, the country where I was raised up, there is much scarcity of products and services to meet the demands of 1.5 billion people, especially in the remote countryside I grown up. Under this circumstances, people have to choose the very basic life necessities instead of luxuriates, thus scarcity and choice. In the Unites States where I am living now, there are also scarcity and choice even there are more abundant products and service......

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