"economic is the science of unlimited want and scare means" explain?
Answers
Answer:
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Answer:Scarcity as an economic concept "... refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good .
Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses
Explanation:
Economic theory views absolute and relative scarcity as distinct concepts and "...quick in emphasizing that it is relative scarcity that defines economics
Current economic theory is derived in large part from the concept of relative scarcity which "states that goods are scarce because there are not enough resources to produce all the goods that people want to consume