Question

Ecinomics is about making choices in the presence of scarcity explain

Answer 1

Explanation:

economics is about making choices in the presence of scarcity. ... Choices depend the availability of resources. Whatever resources will be present, those choices will be present.

.Scarcity is the situation where people have unlimited demands which have to be satisfied by a limited number of resources.

Answer 2

Economics is about making choices in the presence of scarcity because resources are present in limited amounts so we should utilize them properly.

Why economics is about making choices in the presence of scarcity?

• In the study of economics, we know how to face the difficulties of scarcity which means wants and needs of the human
• Economics tells that people produce goods and services according to their needs
• The family must decide where they spend money and also saves money for future
• Economics help to solve the problem of scarcity by utilize it as per our needs