Explain the importance, in today's world, of the concept of the law of scarcity and the law of diminishing marginal utility

In today's world scarcity plays a significant role in the economy. For instance, it has a substantial influence on the demand and supply of commodities enabling the firm to set the prices for their products in the market. Commodities with scarce resources have higher prices compared to those with abundant resources. The law of diminishing marginal utility is essential in the world today since it aids the government to reduce the disparity in wealth distribution between the rich and the poor. Moreover, to maintain marginal utility, the government imposes progressive tax to all the individuals in the economy.