Johnny has 50 and wants to buy a pair of like Shoes that cost 95. 95. He has to settle for a pair of Sketchers-for 45 In economic terms. Johnyis foccing the problem of: Shortage Marginal costs Unemployment Scarcity

In economic terms, Johnny is facing the problem of scarcity. Scarcity refers to the basic economic problem that arises because people have unlimited wants but resources are limited. In this case, Johnny has a limited amount of money ($50) but wants to buy a pair of Nike Shoes that cost $95. Since he does not have enough money to buy the Nike Shoes, he has to settle for a pair of Sketchers that cost $45. This situation illustrates the concept of scarcity, where Johnny's desire for a particular good (Nike Shoes) exceeds his ability to obtain it due to limited resources (money).