Visit: https://pscnotes.com The foundation of economics lies in a simple yet profound truth: **scarcity**. We all have unlimited wants, but resources are finite. This fundamental challenge forces us to make **choices**, and every choice comes with an **opportunity cost** – what we give up to get what we want. Dive deep into this essential concept of the 'Nature and Scope of Economics' for your State PSC and UPSC exams. Understand how societies allocate resources and why choices are inevitable. D
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