The core problem of economics is
A) that unemployment is too high.
B) that governments do not spend enough money on education.
C) understanding the Great Depression.
D) the scarcity problem.
E) determining the best price for oil.

Question

Quizplus · Accepted Answer

The core problem of economics is the scarcity problem, which refers to the fact that resources are limited while our wants and needs are infinite. This problem creates the need to make choices and allocate resources efficiently in order to maximize societal welfare. The other options address specific issues, but do not represent the broader problem that economics aims to address.

The Core Problem of Economics Is