Answer to Question #60191 in Microeconomics for Roop Singh Kunwar
Scarcity requires choice. People must choose which of their desires they will satisfy and which they will leave unsatisfied. When we choose more of something, scarcity forces us to take less of something else. Economics is sometimes called the study of scarcity because economic activity would not exist if scarcity did not force people to make choices.
Need a fast expert's response?Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!