Economics is the study of how society manages its a. limited wants and unlimited resources. b. unlimited wants and limited resources. c. unlimited wants and unlimited resources. d. limited wants and limited resources.

Question

Social Studies

Adam Walton

15 May, 01:50

Economics is the study of how society manages its a. limited wants and unlimited resources. b. unlimited wants and limited resources. c. unlimited wants and unlimited resources. d. limited wants and limited resources.

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Answers (1)

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Mckenzie Mclean · Answer 1

b. unlimited wants and limited resources.

Explanation:

There are different definitions of economics. Some say it's a science that studies the production, distribution and consumption of good and services. Another definition refers to the theories and models that govern the market process. But definitely, economics must strike a balance between a society's wants - that may be unlimited - and the limited resources available.