As we already know, there are 10 Economic Principles:

1)People face trade-offs.

2)The cost of something is what you give up to get it.

3)Rational people think at the margin.

4)People respond to incentives.

5)Trade can make everyone better off.

6)Markets are usually a good way to organize economic activity.

7)Governments can sometimes improve market outcomes.

8)A country's standard of living depends on its ability to produce goods and services.

9)Prices rise when the government prints too much money.

10)Society faces a short-run trade-off between inflation and unemployment.

Watch the video link below and explain how you can describe this situation using at least three principles of economics? How is scarcity seen in this situation?

https://www.cbsnews.com/news/south-africa-water-shortage-cape-town-drought-water-restrictions-patta/