Question
1. Which term is used to describe the study of how people make decisions in a world where resources are limited? a. scarcity b. decision-making modeling c. economics d. cost-benefit analysis
Answer
3.3
(343 Votes)
Landon
Elite · Tutor for 8 years
Answer
c. economics
Explanation
The study of how people make decisions in a world where resources are limited is a central focus of economics. Economics examines the allocation of scarce resources to maximize utility, efficiency, and wealth. It encompasses how individuals, businesses, and governments make choices that affect the production, distribution, and consumption of goods and services.