Economists say that a thing is scarce when:
only a finite amount exists.
there is at least one use for the thing.
the amount available is less than what people would like to have.
the amount of the item is both finite and decreasing.
In 1997 Brenda Barnes resigned as CEO of Pepsi-Cola North America to spend more time with her three young children. How would an economist tend to view this choice?
It was an expensive choice because she gave up a great deal of income to stay at home.
It was an inexpensive choice because she already had a great deal of wealth.
It was an unnecessary choice because women really can "have it all."
It was an irrational choice because she was not concerned with her own self-interest.