Scarcity implies that consumers are too poor to afford the goods and services available. Economic choice and competitive behavior are the result of scarcity . All but one of the following are elements of the economic way of thinking. Secondary effects are unimportant. Economic thinking is marginal thinking.
Information is scarce.
The value of a good is subjective . The economic way of thinking stresses that greed is the primary motivation for human action. Congress should increase the legal minimum wage. An increase in the legal minimum wage would cause employment to increase. An increase in the legal minimum wage would cause employment to decrease.