Describe the significance of the concept of scarcity to the science of
QUESTION
Describe the significance of the concept of scarcity to the science of economics.
What will be an ideal response?
ANSWER
Answer: The main idea is that all things are essentially scarce or limited, which drives the key concepts of supply and demand.
Explanation: Scarcity, or some limitation in the availability of goods, is a basic assumption that economics operates upon.
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