Answered

The study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants is best known as what?

A. Economics
B. Productivity
C. Scarcity
D. Real Costs



Answer :

GinnyAnswer

Final answer:

Economics is the study of decision-making in scarcity, where choices involve trade-offs. Opportunity cost plays a crucial role in decision-making.


Explanation:

Economics is the study of how humans make decisions in the face of scarcity. Scarcity means that human wants for goods, services, and resources exceed what is available, leading to choices on how to allocate limited resources. In economics, every choice has an opportunity cost, which is the value of the best alternative that had to be forgone.


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