Can you please help me to understand the concept of scarcity and why it is central to the study of economics?
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Microeconomics is the branch of economics that deals in individual variables for example demand related to household.
Macroeconomics is the branch of economics that deals in aggregates for example National Income.
Economics is considered to be the study of scarce resources (Perloff, 2007), in which consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs ...
Solution helps in understanding the concept of scarcity and why it is central to the study of economics