explain the statement that modern economics is based upon the study of scarcity and choice.?

Economics is a social science that deals with how societies make best CHOICES under conditions of SCARCITY. Scarcity just means that there's not enough 'stuff' out there to satisfy everyone's wants...a modern example of this is the Wii. There's just not enough of them, but people want lots of them. And it's not just products - it's resources. There's not enough oil. There's not enough gold. You get the idea. So, because we can't get it all, we have to make CHOICES as to what we need, what we can get, what money we'll spend...etc. Hope this helps!

ECONOMICS relies totally ON shortage All components are scarce (in spite of the reality that some are so abundant their functional shortage is nil), which provides upward push to the choose for selections to be made to maximize effective outcomes. Economics is the be taught of how society and persons use good judgment and reasoning to receive maximise those effective outcomes, or greater snappily, it somewhat is the "technology of advantageous judgment". without shortage, there could be no choose for economic good judgment.