Why is economics called the science of scarcity?

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Katherine Barrows asked a question: Why is economics called the science of scarcity?
Asked By: Katherine Barrows
Date created: Fri, Nov 19, 2021 1:03 PM
Date updated: Fri, Sep 23, 2022 7:24 PM

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Top best answers to the question «Why is economics called the science of scarcity»

  • Economics is sometimes called the study of scarcity because economic activity would not exist if scarcity did not force people to make choices. When there is scarcity and choice, there are costs. The cost of any choice is the option or options that a person gives up.

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