Question

explain why economics deals with allocation and efficient utilization of scarce resources only ?

Answer 1

Answer:

Economics is the study of the allocation of scarce resources. We have infinite desires and wants and only some limited amount of resources to satisfy them. We therefore wish to optimise the production from those scarce resources. ... At which point we need to know which resources are scarce of course.

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Answer 2

Explain why economics deals with allocation and efficient utilization of scarce resources only

Explanation:

• Economics is itself the study the allocation of the resources and as the humans have the infinite demands but have very limited resources thus in order to satisfy themselves economist devise the efficient and effective methods to optimize and use these scarce resources and as scarcity refers to the gap and the limit in the amount of the resources that can satisfy the demands of the people.

• The problems of the full employment of the resources as the labor and capital intensive resources. And also seeks out to find the solution to the problems related to the economic growth rate of the standards of the living and for the needs and the wants model of the food, clothing and the housing as basic human resources of man.

• Thus economists classify them into based on the priority of the wants and needs that satisfy their effective utilization.

Know more about the why the economic deals with the allocation and efficient utilization of the scare resource only.

• https://brainly.in/question/15177632 answered by XRAJPUTX