Scarcity is the base of economics. From Scarcity we understand what is the problem and why do we need economics to solve it.In other words in life scarcityو is always the problem and economy the solution.
Scarcity-Scarcity is when there are few resources to satisfy our unlimited wants and needs.
Needs- Essential eg.Food(Limited)
Wants-New cooler phone with 8GB memory card(Unlimited)
Human nature is such that we always want more. Don’t ask why. I am not a philosopher.
The truth hearts but if we want to use those resources we have to make a choice between our needs and wants. According to those choices we will use resources and satisfy some of our wants and forget about the other wants.
Now in order to allocate resources in an efficient way to satisfy all of our wants we need the science of Economics.
We need economics to eat more, have more and spend more , as simple as that. Sounds materialistic but like it or not you have to pass this subject.