In its most fundamental sense,economics is the study of:

Question

Quizplus · Accepted Answer

Economics is the study of how societies allocate scarce resources to satisfy unlimited wants and needs. This is encompassed by the concepts of scarcity and choice. While production and cost, supply and demand, specialization and trade, and externality and public goods are all important topics within economics, they are all secondary to the fundamental importance of scarcity and choice.

In Its Most Fundamental Sense,economics Is the Study Of