Economics is A. the study of how unlimited resources are allocated to satisfy limited wants. B. the study of how limited resources are allocated to satisfy unlimited wants. C. the study of how the stock market works. D. the study of money.

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Business

Eileen Riggs

24 October, 04:47

Economics is A. the study of how unlimited resources are allocated to satisfy limited wants. B. the study of how limited resources are allocated to satisfy unlimited wants. C. the study of how the stock market works. D. the study of money.

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Answers (1)

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Zayne Moreno · Answer 1

B. the study of how limited resources are allocated to satisfy unlimited wants

Explanation:

According to Professor Lord Robbins, Economics is social science which studies human behavior in relation to ends and scarce means. Economics is the study of how humans allocate limited resources to satisfy unlimited wants.

Human wants are unlimited whereas the resources available to satisfy those wants are limited and as such a scale of preference would be drawn to determine what wants are to be satisfied first.

Therefore, the right option is B. the study of how limited resources are allocated to satisfy unlimited wants.