nathytitan nathytitan
  • 19-02-2021
  • Social Studies
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explain why economics deals with allocation and efficient utilization of scarce resource only

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colaspen21 colaspen21
  • 19-02-2021
Economics is the study of the allocation of scarce resources. We have infinite desires and wants and only some limited amount of resources to satisfy them. We therefore wish to optimise the production from those scarce resources. At which point we need to know which resources are scarce of course.
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