Economics & Finance - SCARCITY & CHOICE: Allocation, Consumer Theory, Cost-Benefit, PPF, Rationing, Utility Reading Comprehension Passages. Why can’t societies have everything they want? Students investigate the concept of scarcity, factors that create it, and the allocation methods used to decide who gets what. Lessons on consumer choice theory, cost-benefit analysis, rationing, utility maximization, and the production possibilities frontier reveal how economic systems balance resources with s