About This Quote
The science of economics is the study of the allocation of scarce resources. The idea is that people and organizations will go to great lengths and make decisions based on the relative value of those scarce resources. For instance, if we think about a market for food, food is scarce. What we want to know is how much more expensive it will become as demand for food increases.
Similarly, if we think about a market for money, money is scarce as well as its relative value. This relative value depends upon what other people are willing to exchange that money for.
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