Question

discuss the view that the study of economics cannot be restricted just to the problem of scarcity and choice

Answer 1

Economics is a vast subject and is considered as an art as well as science. The very basic thing which is taught in economics is the nature of economics. Understanding its nature clears the misconception that economics is merely confined to studying scarcity and choice.

Economics deals with the whole economy of a country, be it the currency and its circulation or be it the planning of economic development in the country.