Economy, asked by parthprajapati2435, 1 year ago

Economics is a study of scarcity.Discuss.

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Answered by Anonymous

10

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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