Question

How do scarce resources influence you personally? What impact does this have on your financial management?

Answer 1

they help you make rational decisions, the concept of opportunity costs comes as in also, you utilize a commodity when it maximizes your utility

Answer 2

Prices. The more scarce a resource (wanted and limited), the pricier it is. Therefore, you can buy less of that resource. This will have income and substitution effects on your financial management.