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Which of the following statements best reflects the concept of scarcity in economics?
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1. Introduction to Microeconomics
Introduction to Economics
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Economics is the study of how individuals and societies allocate which of the following?
A
Scarce resources to satisfy limited wants
B
Scarce resources to satisfy unlimited wants
C
Unlimited resources to satisfy limited wants
D
Unlimited resources to satisfy unlimited wants
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Understand the fundamental concept of economics: Economics studies how individuals and societies make choices about allocating resources.
Recognize that resources are scarce, meaning there is a limited amount available relative to the desires or wants of people.
Identify that human wants are unlimited, meaning people always desire more goods and services than can be produced with available resources.
Combine these ideas to see that economics focuses on how scarce resources are allocated to satisfy unlimited wants.
Therefore, the correct statement is that economics studies the allocation of scarce resources to satisfy unlimited wants.
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