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2. Which of the following is/are true about economics? I. It involves economic agents. II. Studies how choices are made in the face of scarcity. III. It is concerned with limited wants amid unlimited resources. IV. It is concerned with unlimited wants amid limited resources. 

          2. Which of the following is/are true about economics?
I. It involves economic agents.
II. Studies how choices are made in the face of scarcity.
III. It is concerned with limited wants amid unlimited resources.
IV. It is concerned with unlimited wants amid limited resources.
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2. Which of the following is/are true about economics? I. It involves economic agents. II. Studies how choices are made in the face of scarcity. III. It is concerned with limited wants amid unlimited resources. IV. It is concerned with unlimited wants amid limited resources.

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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Which of the following is/are true about economics? I. It involves economic agents. II. Studies how choices are made in the face of scarcity. III. It is concerned with limited wants amid unlimited resources. IV. It is concerned with unlimited wants amid limited resources.
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Transcript

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00:01 Choose abundance over scarcity.
00:04 So that would be our answer because we would like to choose abundance over that, but that's not what economics is about.
00:11 You want to use your infinite resources.
00:14 Well, usually resources aren't infinite, so that would not be the case.
00:19 Attain wealth.
00:20 Well, that's a good thing you want to do, but is that what economics is all about? out.
00:26 Economics is about production, distribution, and consumptions of goods and services.
00:32 So because of that consumption, attained wealth would not be our answer.
00:36 So we're going to be looking at b.
00:37 So let's look at the second question.
00:40 Scarcity.
00:40 Why does it exist? choose abundance over scarcity.
00:47 So that would be our answer...
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