An economist most likely spends time studying which of the following?

• A. How individuals and societies allocate scarce resources
• B. The chemical composition of new materials
• C. The physical laws governing planetary motion
• D. The artistic styles of Renaissance painters

Answer: (A)

Verified step by step guidance

1. Understand the core focus of economics: Economics is the study of how individuals and societies make choices about allocating scarce resources to satisfy their wants and needs.
2. Identify the key term 'scarce resources' which refers to the limited availability of resources such as time, money, labor, and raw materials that must be allocated efficiently.
3. Recognize that economists analyze decision-making processes, trade-offs, and opportunity costs involved in resource allocation.
4. Compare the options given: studying chemical compositions, physical laws, or artistic styles are not related to economics but rather to chemistry, physics, and art history respectively.
5. Conclude that the correct focus for an economist is the study of how individuals and societies allocate scarce resources.