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.