The study of economics is mainly concerned with how to
The study of economics is mainly concerned with how to
- A. rank individuals' wants given the abundant resources
- B. make choice when resources are inadequate
- C. satisfy every member of all societies
- D. produce all the goods needed by everyone
Correct Answer: B. make choice when resources are inadequate
Explanation
The study of economics is mainly concerned with how to make choices when resources are inadequate. This is because resources are always scarce, meaning that there is never enough to satisfy all of our wants and needs. As a result, we have to make choices about how to allocate our resources in a way that maximizes our well-being.
The other options are not the main focus of economics. While economics can be used to rank individuals' wants, satisfy every member of all societies, and produce all the goods needed by everyone, these are not the primary goals of the discipline. Economics is more concerned with understanding how these things are achieved in the real world, and how we can make better decisions about how to allocate our resources.