Question

Why is economics deeply rooted in the concept of scarcity

Answer 1

Answer:

Economics, as a study is the  social science that involves the use of scarce resources to satisfy unlimited wants. Part of human  behavior is the tendency of man to want to have as many goods and services as he can. However, his  ability to buy goods and services is limited by his income and purchasing power. It is therefore in this  context that man has to practice economics

Explanation:

Answer 2

Economics is deeply rooted in the concept of scarcity because the concept of scarcity is significant to the explanation of economics.

• After all, scarcity forces people to select how they will borrow their aid in an experiment to satisfy their infinite expects and desires. Economics is about creating choices. Without scarcity, there would be no economic crisis.
• Scarcity implies that the resources that are borrowed in creation are limited and cannot fulfil all human necessities. The theory of scarcity is widely surveyed in economics as every firm desires some resources to generate goods and services and try to satisfy human necessities.