In economics, the principle of __________ highlights the conflict between limited resources and unlimited human wants, necessitating choices and trade-offs.

In economics, the principle of scarcity highlights the conflict between our limited resources and our unlimited wants. This means that we do not have enough resources, like money, time, or materials, to satisfy all our desires. Because of this, we must make choices about how to use our resources, which often involves trade-offs. For example, if you have $10 and want both a book and a snack, you must decide which one to buy because you can't afford both. This decision-making process is essential in economics, as it helps us understand how to allocate resources effectively.