cheap Jimmy Choo Shoes Principles of Economics(Man
 

economy
3
4 PA R T O N E INTRODUCTION
it must also allocate the output of goods and services that they produce. It must
decide who will eat caviar and who will eat potatoes. It must decide who will
drive a Porsche and who will take the bus.
The management of society's resources is important because resources are
scarce. Scarcity means that society has limited resources and therefore cannot pro-
scarcity
duce all the goods and services people wish to have. Just as a household cannot
the limited nature of society's
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