selects5661 selects5661
  • 23-01-2019
  • Social Studies
contestada

Why is economics called a study of scarcity and choice?

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mrsedlack
mrsedlack mrsedlack
  • 24-01-2019

Economics is the study of the creation, transfer, and consumption of wealth.

A key part of that is how consumers and producers choose to do what they do in a system with limited resources.

As a result, economics really is all about how people choose to do what they do when they have scarce resources.

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