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19 April, 20:12

Which activity does economics primarily study?

a. keeping a account of total resources

b. equitable distribution of resources

c. best utilization of scarce resources

d. creation of financial markets

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Answers (1)
  1. 19 April, 23:04
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    c. best utilization of scarce resources

    Explanation:

    Economics is the study of how society uses its scarce resources to meet the insatiable needs of its members. Resources are the inputs that a county uses to produce goods and services. They are the four factors of production.

    Human needs are unlimited and cannot be satisfied with the available scarce resources, necessitating human beings to make choices. Economics will involve analyzing production decisions amidst limited resources. It also analyses how the goods produced are distributed to satisfy the different needs and wants of its members.
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