The economic concept that serves as the basis for the study of economics is:
A)inflation.
B)unemployment.
C)money.
D)scarcity.

Question

Quizplus · Accepted Answer

Scarcity is the basic economic concept as it implies that human wants and needs are unlimited while resources are limited, leading to the need for choice and trade-offs. Other concepts such as inflation, unemployment, and money are all related to scarcity in some way but are not the fundamental concept on which economics is based.

The Economic Concept That Serves as the Basis for the Study