Economics is the allocation of scarce resources among competing ends. To some extent, virtually everything is scarce: money, food, water, prom dates... but some resources are scarcer than others and deserve special attention from those with the tools to allocate them correctly . Basically scarce resources can be defined as the limit that a society has on a particular resource which is less obtainable compared to others which are easily obtainable. Some examples of scarce resources commonly found in today's society are clean air, oil, trees, coal, and natural gas. Some examples of my limited personal resources are time, money and energy. In a way they are all connected. I need to find a way to allocate my time to earn more money but at the same time conserve my energy. Now quality and satisfaction are two totally different things from scarce resources. It basically contains the essential parts that enable you to live a happy life. For me this includes things like security (whether it's with a job or a loved one), money in my wallet, family and friends, and feeling successful in my endeavors. These things could also be considered needs because they are things I need to make me happy. However, my needs are limited to a few. I don't need many things to be happy. Just the basics are all I really need. As for my desires… that's a different story. I have unlimited desires. I want many things. Having this tendency to want and demand many things from myself helps me achieve my goals and strive for the things I want. I'm not satisfied with second place. If it's close to the desire I want, I usually don't give up. I would feel like I was given something to try but not fully achieve the desires and goals I instill in myself. I think this applies to our economic system in the sense that people set goals to make the world a better place.