Economics deals with how
A)individuals make decisions to use scarce resources in order to satisfy their unlimited wants.
B)to run a business.
C)individuals become rich.
D)society can eliminate scarcity.
E)society creates more resources in order to raise its standard of living.

Question

Quizplus · Accepted Answer

Economics is the study of how individuals, businesses, governments, and societies make choices about using limited resources to satisfy their unlimited wants. This choice involves deciding which goods and services to produce, how to produce them, and for whom to produce them. The central problem of economics is scarcity, which means that there are not enough resources to satisfy all of our wants and needs, and there is a need to make choices about how to allocate those resources. Therefore, economics deals with how individuals make decisions to use scarce resources in order to satisfy their unlimited wants.

Economics Deals with How