How does the study of economics depend upon the phenomenon of scarcity?

Question

How does the study of economics depend upon the phenomenon of scarcity?

Answer 1

economics is how people make choices under the conditions of scarcity.  scarcity just means limited, the easiest way to know if something is scarce is whether or not is has a price.  if it has a price, even if you aren't the one who has to pay it, then it is scarce.  your time has a monetary value, it is scarce.  you have to pay to have running water or bottled water, it is scarce. etc.  economics is all about understanding why people would choose one scarce thing over another scarce thing (why would you pay to have someone maintain your lawn and change the oil in your car, money is a scarce resource and you must choose how to spend your money.....)

i hope this answered your question

Answer 2

Economics is the study of scarcity. It is the study of the allocation of scarce resources which have alternative uses.

Answer 3

ECONOMICS IS BASED WHOLLY ON SCARCITY

All resources are scarce (although some are so abundant their practical scarcity is nil), which gives rise to the need for choices to be made to maximise efficient outcomes. Economics is the study of how society and individuals use logic and reasoning to obtain maximise these efficient outcomes, or more snappily, it is the "science of logic". Without scarcity, there would be no need for economic logic.

Answer 4

dont believe what the people said above. Scarcity economics is old and out of date. Today, economics is based around a massive range of factors and is thus researched through econometrics.

Answer 5

Economics is defined as the study of how scarce resources are allocated among individuals or by societies.  

If the resource isn't scarce, then there is more than enough for everybody, and that means--there is no need to study it!