The most basic concepts on which the social science of economics rests are

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The social science of economics is based on the fundamental concepts of scarcity and choice. Scarcity refers to the fact that resources are limited and cannot fulfill all the unlimited wants and needs of society. This gives rise to the concept of choice, as individuals and societies must make decisions about how to allocate their scarce resources. The other options, such as consumers and producers, money, interest rates, and exchange rates, and supply and demand, are all important concepts within economics, but they are derived from the fundamental concepts of scarcity and choice.

The Most Basic Concepts on Which the Social Science of Economics