ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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allocation
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scarcity
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economics
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specialization
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Detailed explanation-1: -Economics is study of how people make choices under conditions of scarcity, and of the results of those choices for society. The study of individual choice under scarcity and its implications for the behavior of prices and quantities in individual markets.
Detailed explanation-2: -TEXTBOOK’S DEFINITION : Economics is the social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.
Detailed explanation-3: -Scarcity is one of the key concepts of economics. It means that the demand for a good or service is greater than the availability of the good or service. Therefore, scarcity can limit the choices available to the consumers who ultimately make up the economy.
Detailed explanation-4: -Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
Detailed explanation-5: -Economics is the study of how we make choices in the face of scarcity and how those choices motivate behavior.