For this assignment, you are asked, IN YOUR OWN WORDS, to indicate how you would explain the authors’ definition of economics, scarcity, and their important relationship. Not to worry, for this assignment, everything you require is in the chapter readings and your everyday life, especially the latter. The purpose of the assignment is twofold: 1) to communicate the meaning of economics in a manner that demonstrates your understanding of the concept, and 2) to help you remember – rather than memorize – how economics is defined. Before you begin to write your explanation of economics, you may want to consider how you would answer if a friend were to ask you to describe what “economics” is and/or means. Remember, however, that the explanation you submit must be based on the assigned readings and the definition given above. Make sure that your explanation is complete and concise, and in your own words. You need to demonstrate that you understand what economics is, using words that you would normally use in a conversation. Do not merely regurgitate the terminology used in the author’s definition. The “Definition of Economics” assignment will be graded for thoroughness, correctness, spelling, and grammar. This assignment must be typed for credit to be granted.The required assignment length is 2- 3 pages. This assignment will be graded for thoroughness, correctness, spelling, and grammar. This assignment must be typed.