The most basic concept of economics is
A)self-interest.
B)scarcity.
C)demand.
D)rationality.

Question

Quizplus · Accepted Answer

Scarcity is the fundamental concept of economics that refers to the limited resources to satisfy the unlimited wants and needs that individuals, businesses, and governments have. All economic decisions, such as what to produce, how to produce, and for whom to produce, are made in the context of scarcity. While self-interest, demand, and rationality are important concepts in economics, they are all secondary to the fundamental issue of scarcity.

The Most Basic Concept of Economics Is