The basic truth that underlies the study of economics is the fact that we all face:
A) Death
B) Taxes
C) Risk
D) Scarcity

Question

Quizplus · Accepted Answer

Scarcity refers to the fundamental economic problem of limited resources and unlimited wants, which forces individuals and societies to make choices about how resources are allocated. This fundamental concept is at the heart of all economic analysis and decision-making. While death and taxes are also universal truths, they do not directly relate to economic choices and decision-making. Risk is also an important concept in economics, but it is a consequence of scarcity rather than a fundamental truth that underlies economic study.

The Basic Truth That Underlies the Study of Economics Is