Give a detailed explanation of how firms, industry and government make choices using the concepts of scarcity. Provide examples as far as possible BACKGROUND: The concept is that there are unlimited WANTS (not demand) - unlimited quantities of goods & services are desired BUT resources (human, natural & man-made) are limited Because of SCARCITY (i.e. the state of unlimited wants and limited resources: where the resources available are insufficient to meet people's needs) firms must make CHOICES Pls discuss +examples Please give actual examples of products competing for resources that require a choice Please give actual examples of SCARCITY (the state of unlimited wants and limited resources that has forced firms, industries or governments to make a choice of one product or service over another) Please provide references