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Introduction to Microeconomics: Scarcity

Geoff Riley

1st September 2026

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Scarcity is the fundamental reality that defines economics: human wants are practically infinite, but the resources required to fulfill them are strictly limited. Because we cannot produce everything everyone desires, society must make choices about how to allocate what little we have. Every choice creates an opportunity cost, which is the exact value of the next best alternative left behind. Ultimately, economics is the study of how we navigate this permanent tension between boundless human desires and inherently finite means.

Introduction to Microeconomics: Scarcity

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for nearly forty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD and Revision conferences in the UK and overseas.

@tutor2uGeoff

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