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Which of the following best describes the study of economics? Question 5Answer a. how to limit human wants so that scarce resources are sufficient b. the allocation of scarce resources among alternative uses c. how to distribute income as equally as possible d. why resources are scarce e. how to plan an economy 

          Which of the following best describes the study of economics?
Question 5Answer
a. how to limit human wants so that scarce resources are sufficient
b. the allocation of scarce resources among alternative uses
c. how to distribute income as equally as possible
d. why resources are scarce
e. how to plan an economy
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Added by Guillermo T.

Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Which of the following best describes the study of economics? Question 5Answer a. how to limit human wants so that scarce resources are sufficient b. the allocation of scarce resources among alternative uses c. how to distribute income as equally as possible d. why resources are scarce e. how to plan an economy
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Transcript

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00:02 All right.
00:02 So your question asks, which statement describes the term economics? a, the study of using limited resources to fulfill once and needs.
00:13 B, it is the study of how governments fulfill the wants and needs of nations.
00:18 C, it is the study of how people spend their money to fulfill wants and needs.
00:25 So, economics is like a study, right, of production.
00:33 Distribution, consumption, you know, supply and demand.
00:38 Those are the common words you hear when you think of economics, okay? and it deals with the problem of choice.
00:45 What might be interesting one day for consumers is not the next day.
00:50 Okay.
00:52 So what following, what describes economic the best, right? it's going to be, i believe, a.
01:02 Okay...
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