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The literal definition of Economics is the distribution of scarce resources. The entire point of supply and demand models is for the exact purpose of deciding
by stale2002 8y ago
The literal definition of Economics is the distribution of scarce resources.
The entire point of supply and demand models is for the exact purpose of deciding whether we should use resources now, or use them later (ie conservation), and decide how and who we should spend those resources on.
If you were to ask be to give a definition of economics or supply and demand, a situation exactly like this is what I would use to define those words.