Scarcity & Smart Choices

Out of the two economic problems stated above, the worse would be scarcity. It, as is frequently repeated, is the fundamental problem of economics. This problem arises because our resources are limited yet human needs and wants are unlimited, causing a deficiency in supply, and forcing us to make smart economic choices and decisions about the efficient allocation of our resources and investments.

In the everyday situation of deciding whether to walk to your destination or take a vehicle as transportation, you are given a choice: walk and save money, at the expense of time, or take a vehicle and save time and energy, at the expense of money. 

There isn't necessarily a correct choice, as the decisions we make mostly rely on the situation we are in, yet there exists a wise choice, wherein you willingly put off your wants in order to sustain your needs, sacrificing short-time desires for long-term sustainment.