Question

what is economics and define scarcity​

Answer 1

Economics is the science that studies how people, firms, governments and nations make choices and decisions in allocating scarce resources. This ensures the satisfaction of their wants. It comes down to a social science that deals with the production and the use of goods and services. Additionally, it refers simply to how people use resources.

Answer 2

scarcity is a limited availablity of an commodity which means be demand in the market or by the commers .scarcity also includes an inclusiveped lack of resources to by commodity