“Economics is all about making choices in presence of scarcity.” Explain this statement with the help of examples.
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Economics is about making choice in presence of scarcity because of the fact that our 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 economics is about making choice in scarcity.
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Economics is about making choice in presence of scarcity because of the fact that our 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 economics is about making choice in scarcity.
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