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1.15: Choice in a World of Scarcity

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    312668
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    This chapter will continue our discussion of scarcity and the economic way of thinking by first introducing three critical concepts: opportunity cost, marginal decision making, and diminishing returns. Later, it will consider whether the economic way of thinking accurately describes either how choices are made or how they should be made.


      This page titled 1.15: Choice in a World of Scarcity was last modified on Wed, 19 Nov 2025 20:18:23 GMT and is shared under a CC BY 4.0 license and was authored, remixed, and/or curated by OpenStax via source content that was edited to the style and standards of the LibreTexts platform.