Provide an example of scarcity problem that affects an individual consumer.

The term economics refers to the optimal exploitation of all the limited resources that a society possesses through a set of activities and processes that depend on the main factors of the economy, namely: land, work, capital and enterprises.

‏The economy is generally divided into two main parts; They are: Macroeconomics studies the general framework of the economy. Among the most important things it deals with are: GDP, inflation, etc. By its nature, macroeconomics looks at how all the markets interact which cause the large phenomena known as aggregate variables. It can be said that macroeconomics is one of the branches of economics concerned with studying the economy pursued by a country in a certain period of time in order to choose the optimal alternative from among a group of good, better and better options, as well as working to maintain a specific lifestyle for society and achieve prosperity in its two parts Microeconomics: Shows This section highlights the study of consumer and individual corporate behavior. It is based on the theory of consumer demand in its analysis. As well as production theory, as it studies the nature of competition in the market, and the extent of economic prosperity that the economy has achieved for individuals, and topics that are also interested in: minimum wages, price support, taxes and monopoly in individual markets and others. It should be noted that microeconomics plays an effective role in analyzing the ideas presented and thus in making business decisions and formulating public policies. The importance of the economy The importance of the economy lies in the positive impact it shows on society. We can also see the problems of inflation and mass unemployment pervasive and destructive to society. The economy can avoid these problems by enacting exemplary economic policies, such as policies to reduce unemployment. Inflation-cutting and follow-up policies can bring about a major recovery in economic prosperity.

‏What is scarcity?
‏Simply and with a simple extrapolation, most specialists agreed that there is an imbalance in the balance of people’s needs and desires relative to their economic resources. Human needs and desires are much more than the resources provided by nature and human effort, so the resources we have are insufficient to satisfy everyone’s needs and desires.

‏An example of scarcity: drinking water in a village on the bank of a river or with springs is not an economic resource; Because he fulfilled the first condition and did not fulfill the second condition, no one in this case would sell or trade in water. But suppose that the river’s water has become polluted, and the nearest source of safe drinking water is located miles away from the village, only then will the water become an economic resource. People pay money to get it!

‏One of the most important principles?
‏The distinction between macroeconomics, which is concerned with economics and its applications as a whole, and microeconomics concerned with economic activities and smaller entities. Knowing the available opportunities and the comparison between them. Any selection process for purchase or investment will be based on the differentiation and weighing the best option. Focusing on developing the competitive advantage in business, making use of specialization and continuous production. The apparent benefits of the usual commodities for which the supply increases and, consequently, the quantities produced from them. The relationship between supply and demand. An increase in supply contributes to lowering the price, and an increase in demand increases the price. The importance of developing the economy and raising the standard of living of individuals, which contributes to raising the gross domestic product. Resistance to abnormal inflation, as well as economic downturn. Carelessness in accepting bank loan offers and their consequences, and balancing the risk between obtaining money and bearing the burdens of the bank loan. Follow-up government financial policies, and inspect rates of spending and taxes, to resist the damages of economic setbacks. Knowing the life cycle of economic movements, from the beginning of growth to its peak, then recession and decline, then resumption of growth, and so on