Because resources are scarce relative to wants, the study of economics concerns
A) how money is important to people.
B) how individuals, businesses, and governments make choices.
C) how money is used to buy what people want.
D) None of the above are correct.

Question

Quizplus · Accepted Answer

Economics is the study of how individuals, businesses, and governments make choices because resources are scarce relative to wants. Money is important to people, but it is just one aspect of economics. The study of economics also encompasses production, distribution, and consumption of goods and services. Similarly, while money is used to buy what people want, economics encompasses a broader scope beyond just monetary transactions.

Because Resources Are Scarce Relative to Wants, the Study of Economics