All economic goods are scarce to some degree. Making choices in the context of scarcity forces us to accept tradeoffs.
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All economic goods are scarce to some degree. Making choices in the context of scarcity forces us to accept tradeoffs. Given this unhappy fact of life, the concept of “need” becomes imprecise. And yet we often hear people speak of needs.
How much water do people need? How do people decide this?
Are there any substitutes for water?
The American southwest often suffers from severe and persistent drought as well as chronic water shortages. How do persistent water shortages come about?
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