The most fundamental concepts underlying the discipline of economics are:
A) scarcity and choice.
B) supply and demand.
C) money, stocks, and bonds.
D) inflation and unemployment.

Question

Quizplus · Accepted Answer

Scarcity and choice are the most fundamental concepts in economics because all economic decisions arise from the fact that human wants and needs are unlimited but resources (such as time, money, and natural resources) are limited or scarce. Supply and demand, money, stocks, and bonds, inflation and unemployment all stem from the fundamental concept of scarcity and choice.

The Most Fundamental Concepts Underlying the Discipline of Economics Are