"Economics is a study of scarcity".Discuss.

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. Thus, economics studies how scarcity causes people to make different choices.
  • 15
Last sentence Kya likha hee
  • -1
1.scarcity means when resources are limited then it's required to satisfy human wants. 2.For this scarcity economic problems 3. There would not be any economic problems if resources are not scarce 4. We face various scarcity like Railway ticket reservation shortage of electricity, essential commodities like rice, petrol, oil, vegetable, etc.
  • 0
The basic economic problem is that needs and wants are unlimited, but resources are scarce.
Scarcity means that resources are limited, and because resources are scarce, people must make choices. 
Economics is the social science that studies how people use scarce resources to satisfy unlimited needs and wants.
  • 1
We all know scarcity is the root of all economic problems so there cannot be aa economic problem if there had been no scarcity what will be left out to economics to solve. So there is no economics without scarcity.
  • -2
What are you looking for?