The basic economic problem is scarcity. Resouces are limited and scarce, and in relation to this, wants are unlimited. Because of this, choices need to be made.
Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.
That description fails to account for the fact that so much human activity under capitalism is matter of being forced to do something, not a matter of choice. For instance, the majority of people are forced to sell their ability to work for a wage. And scarcity is an artificial situation caused by capitalism’s rule of no profit- no production.
Yes, Economics is the study of scarcity and choice.
economics is a science of scarcity
economics is the resources of opportunity
Economics is the study of how society manages its scarce resources therefore, the study of economics is only important because of the scarcity of resources. Higenyi
Scarcity A+ sucks TAO
the basic concepts of economics are scarcity,choice,scale of preference and opportunity cost
if there is an scarcity in land or resources the and the demand will be high then the price will go up.
the original of economics lies in endless human want and scarcity of resources elabolate
the central problem in economics relates to scarcity, choice and opportunity cost
Scarcity and Choice
Economics are related to scarcity because when a product is scarce, its economic value and price go up. If a product is in demand and scarce, its value will increase by even more.
Economics is the study of Economic Activities. There would not be Economic Activities (such as buying and selling) if there wasn't a scarcity of the resources that are needed to satisfy everyone's wants. Economics studies how scarcity causes people to make different choices.
In simple words it is a twin theme of Economics or i think it is best definition of Economics as followingGoods are scarce and our Society must use it Efficiently.scarcity-insufficient of resources like land,labour,and capital.efficiency-maximum use of resources.
because they are important factors of productions
choices made by people faced with scarcity