economics is the study of allocation of scarce means to alternate ends.discuss the statement
Answers
Answer:
Scarcity means the lack of sufficient four factors of production.
Economics is the branch which involves effective functioning for humans in the economy by manufacturing, distribution, and consumption of goods. Another perspective of economics brings in the importance of proper utilization of available resources by adapting to alternative means to meet ends strategically so as it can be further used as a source of sustainable development.
Explanation:
There are two aspects regarding humans- his wants and resources. The economy can be stable by balancing these two aspects. Either having limited wants or unlimited resources can make the condition better. With the population increasing and the resources limited, the suggestive path is to allocate scarce resources to meet ends.