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Economics is the study of how people allocate their? ________ resources in an attempt to satisfy their? ________ wants
Economics is the study of how people allocate their? ________ resources in an attempt to satisfy their? ________ wants. As? such, economics is the study of how people make choices.
A. ?unlimited; unlimited
B. ?limited; limited
C. ?limited; unlimited
D. ?unlimited; limited
Expert Solution
Economics is the study of how people allocate their limited resources in an attempt to satisfy their unlimited wants. As such economics is the study of how people make choices.
Resources are limited. But human wants are unlimited. Limited resources and unlimited wants results in fundamental economic problem of scarcity.
Therefore people has to efficiently allocate these limited resources to satisfy their unlimited wants.
According to Lionel Robbins, economics is a science which deals with human behaviour as a relationship between ends and scarce means which have different uses.
Therefore correct option is C: Limited; unlimited
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