What question is economics fundamentally concerned with?
A) How can limited wants be used to satisfy limited resources?
B) How are limited resources allocated to satisfy unlimited wants?
C) How are scarce resources allocated to satisfy limited wants?
D) How are limited resources allocated to satisfy scarce wants?

Question

Quizplus · Accepted Answer

Economics is primarily concerned with the allocation of scarce resources among unlimited wants. This is the fundamental economic problem that all societies face, and economics seeks to provide solutions and decision-making frameworks for making these allocations in the most efficient and equitable way possible. Option B best captures this idea. Option A implies that wants are limited, which is not necessarily true, while options C and D do not fully capture the concept of unlimited wants.

What Question Is Economics Fundamentally Concerned With