Economy, asked by solu7623, 9 months ago

Economics is the science of choice and scarcity. Explain.

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Answered by Anonymous

0

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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