'economics is about making choices in the presence of scarcity.' explain the statement
Answers
'economics is about making choices in the presence of scarcity.'
This statement, talks about various terms.
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.
So in the production, consumption and transferring of wealth, there are needs and wants of people. People have limited choices to choose from, due to limited resources being available which produce the limited goods and services, for the purpose of sale and purchase in the market.
Answer:economics is about making choice in presence of scarcity because of the fact taht over wants are unlimited and the resources to fulfil them are limited so we have to make choice between the scarce resources therefore we can say that the the economics is about making choice in scarcity
Explanation:
Human wants are unlimited and resources are limited