How is scarcity related to the study of economics?

If anything, it's the other way around: economics is the study of scarcity. Given a finite amount of resources, what is the best way to use it? read more

Economics at its heart is the study of decisions made in order toefficiently allocate resources. Scarcity refers to the lack ofunlimited resources in regards to the three inputs of production,labor, land and capital. read more

Economics hinges upon scarcity. Most of the resources in the universe that humankind interacts with are scarce. This scarcity causes us to act differently than we otherwise would. read more

Without scarcity, the science of economics would not exist. Economics is the study of production, distribution, and consumption of goods and services. If society did not have to make choices about what to produce, distribute, and consume, the study of those actions would be relatively boring. read more