Economy, asked by shikha3048, 9 months ago

Economics is science of scarcity and choice. Explain.​

Answers

Answered by mishka93
37

Explanation:

here is your answer

  • The basic economic problem is that needs and wants are unlimited, but resources are scarce. ... Scarcity means that resources are limited, and because resources are scarce, people must make choices. Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.

hope it's helpful for you ☺️

Answered by lChanul
14

Answer:

The basic economic problem is that needs and wants are unlimited, but resources are scarce. ... Scarcity means that resources are limited, and because resources are scarce, people must make choices. Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.....

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