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Economics is the study of how humans make decisions in the face of scarcity . These can be individual decisions , family decisions , business decisions or societal decisions . If you look around carefully , you will see that scarcity is a fact of life . Scarcity means that human wants for goods , services and resources exceed what is available . Resources , such as labor , tools , land , and raw materials are necessary to produce the goods and services we want but they exist in limited supply .
Please check all the words that can be used instead of the target word in the same context. Note that the morphology of the target (third person singular, past tense etc.) is considered to be applied to the candidate automatically in the process of paraphrasing.