What does economics primarily study?
A) how to interpret corporate balance sheets and income statements
B) how choices are made because of scarcity
C) how to make money in the stock market
D) how to operate a business

Question

Quizplus · Accepted Answer

Economics primarily studies how choices are made because of scarcity. Scarcity is the condition of having limited resources with unlimited wants and needs. Therefore, economics focuses on how individuals, businesses, governments, and societies allocate scarce resources to satisfy their unlimited wants and needs. While economics also covers financial and business-related topics, these are not its primary focus.

What Does Economics Primarily Study