Economics is science of scarcity and chioce.Explain
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Answer:
Scarcity, in general terms, means that the demand for something is much greater than the supply, or there is not enough money to buy it. The exact definition in economics is that there are insufficient resources to satisfy everyone's needs and wants. Whether you're talking about oil, from which we get the gasoline that powers most of our cars, or corn, even seats in a movie theater, there isn't enough for everyone to get what they want at a zero price. You know something is scarce if you try to offer it for free, and you don't have enough of it for everyone who stands in line to get it.
So, how does a society decide who gets what? Producers charge a price for it. That way, whoever values it the most will pay the most for it. This is how scarce resources are allocated, or divided up and distributed, efficiently in our economy. When you go to the store, you can't buy everything you want, so you must make choices to buy one thing instead of another. If you walk into the store with $50 and the store offers you 500 different items, you're only going to walk out of that store with a cart full of stuff that totals $50. Scarcity always leads to choice, and people can actually make better decisions because they have a better understanding of how much each choice costs.