Economics: What Is Economics And The Three Economic Fallacies

Introduction to Economics In order to understand Economics, you need to understand scarcity. Scarcity is the idea or notion that we have unlimited wants and needs, but limited number of resources to fill them. Economics: Science of scarcity and choice. The way that any community makes choices as to how they’re going to use the scarce resources. How given communities decide to use their resources. The choices they make.