Asked by Lacey Nelson on Jun 30, 2024
Verified
Economics is best defined as the study of how individuals decide to use limited resources in an attempt to satisfy unlimited wants.
Limited Resources
Refers to the finite availability of goods and inputs, such as labor, raw materials, and capital, which are used to produce economic outputs.
Unlimited Wants
The economic concept that humans have insatiable desires for goods and services, which exceeds the resources available to satisfy them.
Individuals
Single human beings, considered separately from society or as distinct entities with personal interests and responsibilities.
- Appreciate the multifaceted nature of resources in economic theories, including their classification and exchange.
Verified Answer
ZK
Zybrea KnightJul 02, 2024
Final Answer :
True
Explanation :
This is the traditional definition of economics, which looks at how people allocate scarce resources to satisfy potentially unlimited wants and needs.
Learning Objectives
- Appreciate the multifaceted nature of resources in economic theories, including their classification and exchange.