Scarcity and Efficiency

“Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.” 

Behind this definition there are two key ideas in economics: 

1. Those goods are scarce and 
2. That society must use its resources ‘efficiently’. 

Note: This is published for the internal use (of St. Philomena's College students) only and hence requires verification. 

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