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Why is economics deeply rooted in the concept of scarcity?
Economics is all about demand and supply of goods and services. If the demand for a particular good goes up, then its price will also go up. Because of scarce resources, the economy can supply only a limited amount, it cannot fulfill all human desires. So, an increase in price would induce customers to buy fewer units of that product and the demand will also fall due to a rise in price. Supply and demand would adjust automatically at an equilibrium point. This problem only arose because of the scarcity of resources. So, that is why economics is deeply rooted in the concept of scarcity.