Economics is about

Question

Economics is about

Quizplus · Accepted Answer

Economics is primarily concerned with how individuals, societies, and governments allocate their limited resources among competing needs and wants. This involves making choices based on scarcity, which refers to the condition in which human wants and needs exceed the available supply of time, goods, and resources. While making money and pursuing self-interest are important factors in economic decision-making, they are not the sole focus of the discipline. Overcoming scarcity is a goal of economic activity, but it is not always possible to completely eliminate scarcity. Therefore, the best choice is C, as it accurately describes the fundamental concept that underlies all economic decisions.

Economics Is About