In 1969, the rock and roll band the Rolling Stones released a song entitled, You Can't...

 

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In 1969, the rock and roll band the Rolling Stones released a song entitled, "You Can't Always Get What You Want." In writing this song, lead singer Mick Jagger, who studied briefly at the London School of Economics, may have been thinking about the problem of scarcity. Review the concept of scarcity and describe three incidents in your life where scarcity has prevented you from "getting what you want." Try to evaluate each incident from an economic perspective: why the good or service is scarce, what effect scarcity has on price, how scarcity leads you to make economic decisions, etc. In 1969, the rock and roll band the Rolling Stones released a song entitled, "You Can't Always Get What You Want." In writing this song, lead singer Mick Jagger, who studied briefly at the London School of Economics, may have been thinking about the problem of scarcity. Review the concept of scarcity and describe three incidents in your life where scarcity has prevented you from "getting what you want." Try to evaluate each incident from an economic perspective: why the good or service is scarce, what effect scarcity has on price, how scarcity leads you to make economic decisions, etc.

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Scarcity is a fundamental concept in economics referring to the condition where human wants exceed the resources available to satisfy those wants This ... View the full answer