Economics is the study of the ________ people make to attain their goals,given their ________ resources.
A)purchases; unlimited
B)choices; scarce
C)income; available
D)decisions; household

Question

Quizplus · Accepted Answer

Economics is the study of how people make choices to attain their goals, given their scarce resources. This means that people have limited resources, such as time, money, and raw materials, but they have unlimited wants and needs. Therefore, they have to make choices about how to allocate their resources in the most efficient way to achieve their desired outcomes. Option A is incorrect because the term "purchases" does not encompass all economic decision-making. Option C is incorrect because while income is an important factor in economic decision-making, it is not the only one. Option D is incorrect because households are only one type of economic agent, and the study of economics is much broader than just household decision-making.

Economics Is the Study of the ________ People Make to Attain