(1) Economics is the study of how wealth is created and distributed. By wealth, we mean anything of value, including the products produced and sold by business. How wealth is distributed simply means who gets what.” Experts often use economics to explain the choices we make and how these choices change as we cope with the demands of everyday life. In simple terms, individuals, businesses, governments and society must make decisions that reflect what is important to each group at a particular time. For example, suppose you want to take a weekend trip to some exotic vacation spot, and you also want to begin an investment program Because of your financial resources, though you cannot do both, so you must decide what is most important Business firms, governments, and to some extent society face the same types of decisions. Each group must deal with scarcity when making important decisions. In this case, scarcity means “lack of resources money. time natural resources, and so on - that are needed to satisfy a want or need. (2) Today, experts often study economic problems from two different perspectives: microeconomics and macroeconomics. Microeconomics is the study of the decisions made by individuals and businesses. Microeconomics, for example examines how the prices of homes affect the number of homes individuals will buy On the other hand, macroeconomics is the study of the national economy and the global economy. Macroeconomics examines the economic effect of national income, unemployment, inflation taxes, government spending interest rates. and similar factors on a nation and society. What is the writer’s main purpose in the passage?
What is one important idea that the writer mentions about scarcity?