Good day, guys! Today, we will help you to find the best answer for the question “Scarcity is central to the study of economics because it implies that”.

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Question:

What is scarcity? Why is scarcity central to the study of economics?

Answer:

Relevant knowledge:

Scarcity is the problem of all economics. This is because the needs of individuals are unlimited while the resources that are required to meet those needs are limited.

Scarcity is the mother of all the economic problems. This is because without scarcity, economics will not exist. Scarcity makes it possible for the study of how various goods and services are produced and allocated to individuals to consume.

Conclusion:

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