Is scarcity real? What does it imply?

For almost all individuals and businesses in the world, scarcity is real. This is because individuals have limited time and money and businesses have limited factors of production. Because of this, every decision that is made involves a tradeoff. For individuals, every purchasing decisions means that they can not make another purchase since they only have so much money to spend. For businesses, increasing production of one good will require a decrease in production of another good since the firm will need to take some resources away from the one to produce the other.