Scarcity in economics explains the necessity of decision-making due to limited resources and unlimited wants, remaining a constant regardless of economic systems or global trade interdependence.
Scarcity is a fundamental concept in economics, defined by unlimited wants and needs but limited resources. This condition forces individuals and societies to make choices due to the inability to fulfill all desires.
Since scarcity necessitates decision-making, it cannot be eliminated, even with different economic systems like communism or free markets. The need to choose persists regardless of the economic structure.
Globalization and international trade highlight how scarcity impacts countries, leading to interdependence and the necessity for efficient resource allocation on a global scale.
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