Economics:
A) exists because of scarcity.
B) is not related to decision making.
C) is the science of the rich.
D) has nothing to do with the allocation of resources.

Question

Quizplus · Accepted Answer

Economics is based on the concept of scarcity, which refers to the limited availability of resources compared to the unlimited wants and needs of individuals and society. This leads to the need for decision making regarding the allocation of resources to satisfy the most urgent and important needs and wants.