Question

"Economics is about making choices in the presence of scarcity" Explain in 40-60 words

Answer 1

Explanation:

Economics is the study of production, consumption, and transfer of wealth. 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...

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Answer 2

Answer -

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• Economics is about making choices in the presence of scarcity". It aims at efficient allocation of all scarce resources in the economy for the production of goods and services in the economy for the satisfaction of all human wants.

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