Assignment on

Topic: Relationships between Economics and scarcity.

Course Name: Economics
Course Code: ECO314

Submitted To

Munmun Shabnam Bipasha

Assistant professor
Faculty of Business Administration
Daffodil International University

Submitted By
Md. Shihab Mahmud
ID: 181-15-10961
Section: O-6
Department of CSE
Daffodil International University

Submission Date: 05-06-2020

Semester: Summer 2020
Q. Relationships between Economics and scarcity?

Answer:

Economics-
The word ‘economics’ comes from two Greek words ‘eco’ means home and
‘nomos’ means accounts. The subject has developed from being about how to keep
the family accounts into the wide-ranging subject of today.

Scarcity-
Also known as paucity, is an economics term used to refer to a gap between
insufficient resources and the many theoretical needs that people expect to be met
by the said resource.

Scarcity is when we do not have all the resources we want. As a result, we must
make choices.

There is a limited number of time slots each day for classes and only so many
faculty available to teach them. Every faculty member can’t be assigned to every
time slot. Only one class can be assigned to each classroom at a given time. This
means that each student has to make trade-offs between the time slot, the
instructor, and the class location.

Economics is a science of choice .When faced with limited resources, we have to

make choices. Again, economics is the study of how humans make choices under
conditions of scarcity.