The twin themes that form the basis of the definition of economics are:
A)supply and demand.
B)inflation and unemployment.
C)scarcity and efficiency.
D)inputs and outputs.
E)price and quantity.

Question

Quizplus · Accepted Answer

Scarcity refers to the limited resources available to meet unlimited wants and needs, while efficiency refers to the optimal use of those scarce resources. These twin themes are the foundation of economics because they explain why choices must be made to allocate resources and how to make those choices in the most effective way. The other answer choices are relevant concepts in economics, but they do not define the discipline as a whole.

The Twin Themes That Form the Basis of the Definition