The unifying concept is that With having too many or unlimited wants with limited or scarce resources will introduce the condition of Trade-Off.
During this period, when the wants are unlimited and the resources are in scarce condition so one has to prioritize the wants in that he/she has to choose one over the other.
Trade-off:
This is the condition of prioritizing goods on the required need. In these conditions, we can say that If there's an individual he has to choose either his study or to his career as he is short of money. In this situation, he has to choose either to study and then earn or directly to the money which he will pay for the cost of his study. That player has to trade off one good over the other.
In economics, the trade-off is the basic principle of microeconomics. As economics teaches us about the proper utilization of resources over a period of time. Economics in a particular way makes us think (rational) about the resources which are being wasted by us without no reason.
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