Final answer:
Economics is centered around the concept of scarcity, where limited resources face unlimited wants and needs, influencing decision-making at various levels.
Explanation:
Scarcity is the foundation of economics, reflecting the human condition of limited resources and unlimited wants. Resources like labor, tools, and raw materials are essential but exist in finite supply. Even time is a scarce resource, challenging decision-making at individual, family, business, and societal levels.
Learn more about Scarcity here:
https://brainly.com/question/41311719
