Economics is the study of people making choices faced with the problem of unlimited wants and limited resources.

Question

Quizplus · Accepted Answer

Economics is indeed the study of how individuals and society allocate their resources to satisfy their unlimited wants and needs. The fundamental problem of economics is scarcity, which means that resources are limited, while wants and needs are infinite. Therefore, economic agents face trade-offs when making choices, which is the central concern of economics.

Economics Is the Study of People Making Choices Faced with the Problem