The “insufficient quantity” definition matches both what I have seen in economics textbooks, and the common definition of the word. The fact that then choices must be made follows from this definition. If the standard conception follows from your definition, they are equivalent, and I would use the one that matches standard terminology. If it doesn’t, I would say that makes the first preferable (as the relevant fact is derived from the definition).
This post strikes me as odd.
The “insufficient quantity” definition matches both what I have seen in economics textbooks, and the common definition of the word. The fact that then choices must be made follows from this definition. If the standard conception follows from your definition, they are equivalent, and I would use the one that matches standard terminology. If it doesn’t, I would say that makes the first preferable (as the relevant fact is derived from the definition).