Economics is best defined as the study of A. how the government runs the financial system. B. how people allocate limited resources to satisfy unlimited wants. C. financial markets and making money. D. how to budget personal income.

Question

Jaime Duran

Business

9 June, 13:58

Economics is best defined as the study of A. how the government runs the financial system. B. how people allocate limited resources to satisfy unlimited wants. C. financial markets and making money. D. how to budget personal income.

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Answers (1)

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Cornelius Merritt · Answer 1

Answer: How people allocate limited resources to satisfy unlimited wants.

Explanation:

Economics explains that man's needs are insatiable (this means it can't be completely met), and therefore an individual/entity has to make a scale of preference, to determine the most pressing needs to be met and forgo the others. Economics teaches Individuals on how to allocate resources to where they are most needed.