Economics is focused on the problem of scarcity, which is created by a world with limited resources and people with unlimited needs and wants.
What is economics?
Economics simply refers to a field of science that is typically focused on the analysis and understanding of various principles that influence the production, demand and supply of goods and services, as well as allocation of scarce (limited) resources.
This ultimately implies that, economics is a field of science that is focused on the problem of scarcity, which is usually created due to a world of scarce (limited) resources and people (consumers) with unlimited needs and wants.
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