Define the concepts of scarcity, choice, and opportunity cost, and explain how

these concepts are related to each other. Write an example based on your

experience with these concepts. Support your arguments with theory, evidence,
and sources from the unit’s readings and/or readings from high-quality, credible,
relevant sources.

Scarcity is the condition of not being able to have all of the goods and services
one wants. Since human beings wants for goods and services exceed the quantity
of goods and services that can be produced using all available resources.

Choice is