Economics exists because of:

Question

Quizplus · Accepted Answer

Economics is the study of how individuals and societies choose to use scarce resources to satisfy their unlimited wants and needs. Therefore, the concept of scarcity is the basis of economic analysis. Without scarcity, there would be no need for economics as resources would be unlimited and freely available to satisfy all wants and needs. Markets, resources, and production are all important concepts within economics, but they are ultimately driven by the fundamental reality of scarcity.

Economics Exists Because Of