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Scarcity and Efficiency refers to the Twin themes of Economics;
Scarcity occurs where it's impossible to meet all unlimited the desires and needs of the peoples with limited resources i.e; goods and services. Society must need to find a balance between sacrificing one resource and that will result in getting other.
Efficiency denotes the most effective use of a society's resources in satisfying peoples wants and needs. It means that the economy's resources are being used as effectively as possible to satisfy people's needs and desires.
Thus, the essence of economics is to acknowledge the reality of scarcity and then figure out how to organize society in a way which produces the most efficient use of resources.
Daniyal Akram
mdaniyal2005@hotmail.com
Wiki User
∙ 13y ago
Wiki User
∙ 12y agothe themes oof economics is based on the economic condition of the people
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