Economy, asked by Anonymous, 5 months ago

2. "Economics is about making choices in the presence of scarcity." Explain.

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Answered by Anonymous

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Answer:

2. "Economics is about making choices in the presence of scarcity." Explain.

Ans. If there were no scarcity, there would not have been any economic problem, or the problem related to 'choices. In the absence of scarcity (of resources), the concept of unlimited wants does not exist When resources are not limited and wants are no longer unlimited, where is the problem of choice? The problem of choice then ceases to exist accordingly, there should not be any economic problem, and no economics as such.

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