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Card 3 / 100: Why does economic scarcity lead to potential conflict in society?
Answer:
Scarcity means that there aren't enough units of a good (or service) to satisfy everyone's potential uses for it. In society, people often have incompatible aims for the same unit of a good. (If Jim eats a piece of pizza, Sally can't eat the same piece.)
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Dr.Robert MurphyAssociated Scholar
Mises Institute
USA
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Attribution:
Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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