Economy, asked by Abcdefg1234, 1 year ago

Why applied economic is deeply rooted in scarcity?

Answers

Answered by Sidyandex

83

Applied economics is deeply rooted in scarcity because, economics is the study of price.

The things which are abundant are free of cost or has zero price, example- air.

If everything existed abundantly, than nobody would lack it, and then there was no need for any price of the commodity.

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