Which of the following is a characteristic of economics?
A) allocation of limited resources in an effort to satisfy potentially unlimited wants
B) the focus on how people behave not in their own self-interest
C) the way society deals with people's needs
D) all of the above

Question

Quizplus · Accepted Answer

Economics is the study of the allocation of limited resources to meet the needs and wants of individuals and society. It is focused on how individuals and society allocate scarce resources to satisfy potentially unlimited wants. The other options, B and C, are not correct as economics focuses primarily on self-interest and allocation of resources, rather than societal needs or behavior.

Which of the Following Is a Characteristic of Economics