Economics studies resource allocation amidst scarcity. Scarcity and opportunity cost are core concepts within economics.
Economics is the study of how societies allocate scarce resources to satisfy unlimited wants. Scarcity and opportunity cost are fundamental concepts in economics where scarcity refers to the limited availability of resources while opportunity cost is the value of the next best alternative foregone. The production possibilities curve (PPC) demonstrates the trade-offs an economy faces due to scarcity and opportunity cost.
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