Question

Define economics and scarcity

Answer 1

scarcity is defined as a situation where there is little amount of water or something ....I don't no about economics

Answer 2

the branch of knowledge concerned with the production, consumption, and transfer of wealth is known as economics.

Scarcity is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs.