Scarcity means that resources are limited but fortunately, their use is not limited. A single resource could be used in multiple ways and people tend to use it in a way that provides more satisfaction. You may have 100 Rupees in your pocket. So you can buy a plate of Biryani at College canteen or eat a Burger, but you cannot buy both. so you are left with a choice to make.
Wait!. Does this means Mark Zuckerberg faces scarcity too? Yes he does, because money alone is not a resource. He has a limited tummy so he still faces a choice. The point is resources are not limited to money or finances but it is a very wide term. And the most important scarce resource would be 'time' that is equally scarce for rich and poor.
Students may utilize their time in study or the same time can be allocated to watching movies or spent on social media. However, not even the best of students spent 24 hours in study knowing though that it is more beneficial? Neither do people on job spent 24 hours on their job to earn money rather then spend it. Is this behavior rational? Yes it is and we will know as we study economics answers to questions like this.
Now we know that resources does not means financial resources alone, so it would be wrong to say " Economics is the study of wealth/money". Economics studies human behavior and so it is a Social Science.
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