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I am having a hard time with writing a discussion about the question below. Scarcity is...

I am having a hard time with writing a discussion about the question below.

Scarcity is the mother of economics, why?

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Answer #1

Economics is the study of maintaining balance between the limited resources and unlimited wants. This is the most accepted definition of economics. In this limited resources refer to the idea of scarcity.

Imagine if there unlimited resources in the world and unlimited wants of the people as it is today. There would not be need to analyse and study the allocation and distribution of resources in any manner because they won't be ending anyway. Use as much as you want.

But we live in a world where resources are limited like drinking water, breathing air, coal, petrol, edibles, gold etc. Not everyone can get as much as one wants. So in order to satisfy these unlimited wants with these limited resources we study an art and science of maintaining a balance between both. It's economics. That's why due to scarcity economics is born.

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