Why are scarcity and choice basic to the study of economics?
A) because there is an endless supply of all resources
B) because there is not an endless supply of all resources
C) because they are important factors of production
D) because most people have limited wants and needs

Economics is the study of how humans make choices under conditions of scarcity. Scarcity exists when human wants for goods and services exceed the available supply. People make decisions in their own self-interest, weighing benefits and costs.

Why is scarcity considered the basic problem in economics?

Scarcity refers to a basic economics problem—the gap between limited resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

Learn more about economics here https://brainly.com/question/25745683

#SPJ2

Why are scarcity and choice basic to the study of economics? A) because there is an endless supply of all resources B) because there is not an endless supply of all resources C) because they are important factors of production D) because most people have limited wants and needs

Answer :

Why is scarcity the study of choices?

Why is scarcity considered the basic problem in economics?

Other Questions

Why are scarcity and choice basic to the study of economics?
A) because there is an endless supply of all resources
B) because there is not an endless supply of all resources
C) because they are important factors of production
D) because most people have limited wants and needs