exolain why economics deals with alocation and efficient utilization of scarce resources
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Answer:
The primary principal is the efficient allocation of scarce resources. since every economy has only so much of what are called a factors of production labour, land,and capital the greatest wealth generated by any society will be achieved through the most efficient and fullest utilization of its resources.
Economics is the study of how individuals and societies choose to allocate scarce resources, why they choose to allocate them that way, and the consequences of those decisions.
Economic efficiency is when every scarce resource in an economy is used and distributed among producers and consumers in a way that produces the most economic output and benefit to consumers.
Efficient utilization of resources refers to getting the things done in the right manner, in minimum time with the minimum cost incurred and with no wastage of resources. Effectiveness refers to achieving target and setting goal in right direction.