QQuestionEconomics
QuestionEconomics
Fundamentally, economics deals with a. money. b. poverty. c. banking. d. scarcity.
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Answer
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Step 1: Identify the main concept in the definition of economics.
Economics is a social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their unlimited wants. The fundamental concept in this definition is the existence of unlimited wants and the need to make choices due to scarcity of resources.
Step 2: Recognize the choices and scarcity in the definition.
The definition highlights the necessity of making choices (implicitly, decisions) due to scarcity. Scarcity refers to the fundamental economic problem of having insufficient resources to fulfill all human wants. Since resources are limited, we cannot produce everything, and thus, choices must be made.
Final Answer
Economics primarily deals with the concept of scarcity and the choices and decision-making processes that arise due to the limited nature of resources.
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