Question 1
Basic ConceptsThe study of economics is mainly concerned with how to
- A.rank individuals' wants given the abundant resources.
- B.make choice when resources are inadequate.
- C.satisfy every member of all societies.
- D.produce all the goods needed by everyone.
Show the answer and explanation
Answer: B (make choice when resources are inadequate.)
Explanation
Economics studies how people choose when resources are too few for all their wants.