“Economics is about making choices in the presence of scarcity”. Explain.
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Economics is, thus, the study of how we work together to transform scarce resources into goods and services to satisfy the most urgent of our infinite wants and how we distribute these goods and services among ourselves. “ Economics is about making choices in the presence of scarcity...
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Economics is about making choices in the presence of scarcity since our wants are unlimited and there are limited resources for fulfilling the wants.
Explanation:
- Economics involves the making of choices of fulfilling the wants between the resources which are scarce to satisfy the most urgent of our infinite wants. It is how we manage to utilize these resources.
- Every resource has its alternative uses and we have to make a choice between them and prioritize on the wants that are urgent and required to be fulfilled first.
- In the economy too every business or government enterprise need to make a choice within the limited resources and what needs to be catered to urgently.
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Explain economic and non economic factors of economic development
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