The study of economics is necessary mainly because of
Answer Details
The study of economics is necessary mainly because of scarcity of resources. This means that there are not enough resources to satisfy all of our wants and needs. As a result, we have to make choices about how we use our limited resources, such as time, money, and natural resources. Economics provides a framework for understanding how individuals, businesses, and governments make these choices and allocate resources. It helps us to analyze the costs and benefits of different choices, and to make informed decisions about how to use our resources most effectively. Therefore, economics is essential for creating efficient and sustainable systems that meet the needs of individuals and societies despite limited resources.