Which of the following statements best describes the study of scarcity?
A) using limited resources in order to best satisfy our unlimited desires
B) using limited resources in order to promote full employment and price stability
C) using unlimited resources in order to promote full employment and price stability
D) using unlimited resources in order to best satisfy our unlimited desires

Question

Quizplus · Accepted Answer

The study of scarcity is focused on how to best utilize limited resources to satisfy our unlimited desires, which is the basis of the concept of economics. B and C are incorrect as they only mention promoting full employment and price stability, which are important but not the central focus of the study of scarcity. D is incorrect as it assumes unlimited resources, which is not the case in reality.

Which of the Following Statements Best Describes the Study of Scarcity