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Microeconomics: Scarcity, choice

What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?

Why is choice important in economics? What are the costs of choice?

How can the concepts of invisible hand and self-self interest in crease social welfare?

200 words total

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What determines whether or not a resource is scarce?
It is generally said that all resources are scarce. However, what determines the scarcity of a resource is when it is relative to human wants.

Why is the concept of scarcity important to the definition of economics?
The concept of scarcity remains important within economics due to the incremental nature of both needs and wants. ...

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