Economics is the allocation of scarce resources between competing ends. To some extent, almost everything is scarce: money, food, water, prom dates... but some resources are rarer than others and deserve special attention from those who have the necessary tools to allocate them correctly. Basically, scarce resources can be defined as the limit that a society has on a particular resource that is less accessible than others that are easily accessible. Some examples of scarce resources commonly found in today's society are clean air, oil, trees, coal, and natural gas. Some examples of my scarce personal resources are time, money and energy. In some way, they are all connected. I need to find a way to allocate my time to make more money while conserving my energy at the same time. Now, quality and fulfillment are two completely different things from scarce resources. Basically, it contains the essential elements that allow you to live a happy life. For me, this includes things like security (whether 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 a lot of things to make me happy. I really need the basics. As for my desires… that’s another story. I have unlimited desires. I want a lot of things. Having such tendencies to want and demand many things from myself helps me achieve my goals and strive for the things I want. I don't settle for second best. If it's close to what I want, I usually don't give in. I would feel like I was given something for trying but not fully achieving the desires and goals I instill in myself. I think this applies to our economic system as people set goals to make the world a better place..