The study of economics arises due to

Question

Quizplus · Accepted Answer

Economics is the study of how individuals and society allocate scarce resources to satisfy unlimited wants and needs. Scarcity is the fundamental economic problem that gives rise to the need for economics. Without scarcity, there would be no need to make choices and trade-offs, and economics would not exist as a distinct field of study. Money and resources are important aspects of economics, but they are not the fundamental basis for its study. Greed is a human trait that can influence economic behavior but is not the driving force behind the study of economics.

The Study of Economics Arises Due to