Asked by Benoit BOUDA on Jul 19, 2024
Verified
The study of economics is primarily concerned with:
A) keeping private businesses from losing money.
B) demonstrating that capitalistic economies are superior to socialistic economies.
C) choices that are made in seeking the best use of resources.
D) determining the most equitable distribution of society's output.
Best Use
The most efficient or effective utilization of a resource or asset in order to achieve the desired result or maximum value.
Resources
Assets, materials, and inputs needed for the production of goods and services, including natural resources, human resources, and capital.
Economics
The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.
- Comprehend the significance of scarcity in economic theory and its compulsion for choice-making.
- Implement an economic approach to evaluate the decisions of individuals and communities.
Verified Answer
HS
himanshu sharmaJul 21, 2024
Final Answer :
C
Explanation :
The study of economics is concerned with the choices that are made in seeking the best use of resources. This includes the allocation of resources, production, consumption, and distribution of goods and services in a society. Economics seeks to understand how individuals, businesses, and governments make decisions about the use of limited resources in order to satisfy unlimited wants and needs. It is not primarily concerned with keeping private businesses from losing money or demonstrating the superiority of a particular economic system, nor is it focused on determining an equitable distribution of society's goods and services (although this may be a consideration for some economists).
Learning Objectives
- Comprehend the significance of scarcity in economic theory and its compulsion for choice-making.
- Implement an economic approach to evaluate the decisions of individuals and communities.