Answer to Question #300919 in Management for Ann

Question #300919

Why is economics deeply rooted in the theory of society?

1
Expert's answer
2022-02-23T05:45:01-0500

Economics is deeply rooted in the theory of scarcity because it is basically the study of prices. Things that are abundant are free of cost. In addition, if everything existed abundantly, then nobody would lack it, and then there was no need for any price of the commodity. Therefore, economics is about making choices and without scarcity there would be no economic problem.


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