what is economics and define scarcity
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Answer:
Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth.It is also known as the condition of a region or group as regards material prosperity.
In its most simple and concise definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services. ... Macroeconomics - the branch of economics that studies the overall working of a national economy.
SCARCITY: The state of being scarce or in short supply; shortage. Scarcity in economics refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.
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