the basic problem studied in economics is
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We have to efficiently allocate resources. We have to do those things because resources are limited andcannot meet our own unlimited demands. Without scarcity, the science of economics would not exist. Economics is the study of production, distribution, and consumption of goods and services
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resources.
People need to trade off certain demands to skip this problem of scarcity and also there should not be any competition to get the rare materials, which otherwise boosts their prices in the market.
People need to trade off certain demands to skip this problem of scarcity and also there should not be any competition to get the rare materials, which otherwise boosts their prices in the market.
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