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Which of the following statements is correct? a) Economics is a natural science
Which of the following statements is correct?
a) Economics is a natural science.
b) In large measure, economics is the study of how people make choices.
c) If poverty was eliminated there would be no reason to study economics.
d) Economic analysis can be used to explain how societies, but not individuals, make decisions.
Expert Solution
- The correct answer is b) In large measure, economics is the study of how people make choices.
Economics focuses on the study of the allocation of limited resources among unlimited wants. As human wants are insatiable and unlimited while the resources to satisfy these wants are scarce, people have to choose among these unlimited wants based on what should be prioritized first.
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