Allie is shopping when she finds a pair of running shoes priced at $90. When Allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the running shoes. Allie's situation best illustrates which economic concept?

Question

Social Studies

Mylie

2 December, 01:57

Allie is shopping when she finds a pair of running shoes priced at $90. When Allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the running shoes. Allie's situation best illustrates which economic concept?

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Answers (1)

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Darren Black · Answer 1

Alliie's situation best illustrates scarcity.

Explanation:

Scarcity refers to the situation when there are unlimited wants and limited resources. In the given scenario, Allie wanted to buy running shoes which cost her $90. However, her debit card was declined because she did not have enough resources (money) to pay for the shoes. Scarcity is a rather common concept which is applied all over the world because people have unlimited wants and limited resources to cover their demands.