Economics is the study that reveals the point that how an individual can make decision in the face of scarcity. The decisions are not specific; it can be of varied types like business decisions, individual decisions, family decisions, or societal decisions. The scarcity means the availability of the resources, services, and goods that the humans demand are less. In turn, all the resources like land, tools, labor, and raw materials that are required to make the supply of goods and…