Question

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

Answer 1

Answer:

The primary principle is the efficient allocation of scarce resources. Since every economy has only so much of what are called the factors of production — labor, land, and capital — the greatest wealth generated by any society will be achieved through the most efficient and fullest utilization of its resources

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Answer 2

Answer:

The primary principle is the efficient allocation of scarce resources. Since every economy has only so much of what are called the factors of production — labor, land, and capital — the greatest wealth generated by any society will be achieved through the most efficient and fullest utilization of its resources

Explanation:

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