"Economics is a science of scarcity and choice". Explain.
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The basic economic problem is that needs and wants are unlimited, but resources are scarce. ... Scarcity means that resources are limited, and because resources are scarce, people must make choices. Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.
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As science of scarcity and choice, economics studies human behavior as relationship between ends and means which are scarce and have alternative uses. Ans: Human wants are unlimited. ... Human wants are satisfied by using certain goods, and services. These goods and services are purchased from the market by paying a price.
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