Scarcity has no importance to understanding economics.

Question

Quizplus · Accepted Answer

Scarcity is a fundamental concept in economics. It refers to the limited availability of resources in relation to unlimited wants and needs, and it is the basis for understanding many economic principles such as supply and demand, pricing, and allocation of resources. Without scarcity, there would be no need for economic decision-making, and economics as a field of study would be irrelevant.

Scarcity Has No Importance to Understanding Economics