Question

Economics is the study of: a. the allocation of scarce resources to satisfy unlimited wants. b. inflation and unemployment in society. c. making money. d. maximization of profits for a firm.

Answer 1

Answer:

a. the allocation of scarce resources to satisfy unlimited wants :)

Answer 2

Answer: Option (A). The allocation of scarce resources to satisfy unlimited wants.

Explanation: Economics is primarily concerned with the production, distribution, and consumption of goods and services. It focuses on how individuals, businesses, governments, and nations make choices on allocating limited resources to satisfy their unlimited wants and needs, trying to determine how these groups should organize and coordinate efforts to achieve maximum output.

The problem economics Is trying to solve is that human beings have unlimited wants and are surrounded in a world of limited means to satisfy them. For this reason, the concepts of efficiency and productivity are held paramount by economists, Economists believes that Increased productivity and a more efficient use of resources, could lead to a higher standard of living.