Scarcity Drives Economics
An economy is a system for producing and distributing goods and services, but it only exists when there is scarcity and choices must be made regarding the use of limited resources.
Without scarcity, there is no need for economizing, and thus, no economics. In other words, economics studies the choices societies make regarding the use of scarce resources that have alternative uses.
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A learner | Writer of Melva's Note on Substack | High curiosity about psychology and human development.
Economics in a nutshell.
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Importance and Risks
Opportunity cost calculation is essential to individuals, corporations and governments, where there are decisions to be made regarding limited resources like time, money and effort. Choosing one of the scarce resources always leads to a trade-off in gains.
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