The primary concern of economics is the study of:
A) Why human wants exist and what motivates them.
B) How to distribute goods and services according to human needs.
C) How best to allocate scarce resources among competing uses.
D) Who holds the most political power in a particular country.

Question

Quizplus · Accepted Answer

Economics is primarily concerned with the allocation of scarce resources among competing uses. This involves analyzing trade-offs, costs and benefits of different alternatives and making efficient and effective decisions to maximize social welfare. While understanding human wants and motivations is important in economics, it is not its primary concern. Similarly, while distribution of goods and services is important, it is more of a concern for distributional justice and political philosophy than for economics. Finally, while political power may affect economic outcomes, it is not the primary focus of economics.

The Primary Concern of Economics Is the Study Of