Economics is the study of decisions made necessary by the problem of unlimited wants and limited means to satisfy them.

Name: Economics is the study of decisions made necessary by the problem of unlimited wants and limited means to satisfy them.
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Question

Quizplus · Accepted Answer

This is the definition of economics which states that due to unlimited wants and limited resources, individuals and societies must make choices on how to allocate their resources to maximize satisfaction or utility.

Economics Is the Study of Decisions Made Necessary by the Problem