Question

Which of the following statements best summarizes the reason for economics?
Question 1 options:

The number of people who do not have jobs is rising.

While wants are unlimited, resources are scarce.

Opportunity costs can never be determined accurately.

People spend more than they make.

Answer 1

The option that best summarizes the importance of studying economics is B. While wants are unlimited, resources are scarce.

What is the point of economics?

Economics is the study of how resources can be allocated such that we can have the greatest productivity given the resources that we have.

Resources cannot satisfy our needs entirely because they are limited but the needs we have are unlimited.

Economics is therefore needed to regulate our needs and wants vs the resources that we have.

In conclusion, option B is correct.

Find out more on scarce resources at https://brainly.com/question/1669168

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