The next-door neighbors are showing us an example of the economizing problem, wherein they are trying to satisfy their wants with the available alternative resources.
The main problem of economics, economization, is that of allocating scarce resources among competing ends.
Because of the shortage of assets, alternatives should be made, and rational alternatives are the ones accomplishing sure goals in the quandary of useful resource shortage.
Hence, The next-door neighbors are showing us an example of the economizing problem, wherein they are satisfying their wants with the available alternative resources.
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