Explain how economics is about allocation of scare resources, that scare resources forces choice and tradeoff exists. Also explain it with help of live examples and graph
Answers
Answer:
The answer to this question economics is about the allocation of scarce resources, that scarce resource forces choice, and tradeoff exists
Resources are not sufficient they are scarce and are not readily available to all people for multiple uses.
Explanation:
Resources are limited .economics studies how the people of societies use the limited resources, in society, there is a limited number of resources and there are different uses of limited resources like milk is used for making curd, butter, and sweets. so because of scarce resources we have to decide which want is to be fulfilled first, and thus we can say that scarce resources lead to making choice among the various needs there are some examples like as wood is used or many purposes for making furniture, wood is the raw material for wood-based panels, and it also an important fuel.
cement is the basic material for all types of construction like- schools, colleges, and dams, and it is also used for decorative applications for floors.
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