Question

Why are scarcity and choice basic to the study of economics?

Answer 1

These two factors define an economy. This is because scarcity shows how much of something is stocked. Meaning economists can know what there is and what there isn't. Choice is pretty self explanatory people want to know what consumers want to buy.

Answer 2

These two factors define an economy. This is because scarcity shows how much of something is stocked. Meaning economists can know what there is and what there isn't. Choice is pretty self explanatory people want to know what consumers want to buy.