Question

"Economics is a study of scarcity". Discuss.
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Answer 1

Answer:

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.

Explanation:

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Answer 2

ans.

economics is a science which studies human behaviour as a relationship between ends and scarse means which have alternative uses Explanation:

• scarcity is the root cause of all economic problems
• scarcity is the root cause of all economic problems scarcity refers to a situation when supply is not able to meet demand .