Economics is primarily concerned with the study of choices that individuals, businesses, and governments make to allocate limited resources. This is because resources, such as land, labor, and capital, are scarce in comparison to human wants, which are unlimited. As a result, economies must determine how to allocate resources in ways that maximize people's standard of living.

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Economics Deals with

Question 16

Multiple Choice

Economics deals with

A) how to profit from the stock market.
B) how to satisfy limited human wants.
C) how society allocates unlimited resources.
D) how individuals allocate scarce resources to satisfy unlimited human wants.

Correct Answer: