Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 1 - Part I - Ten Principles of Economics - Quick Check Multiple Choice: 1

Answer

a. how society manages its scarce resources

Work Step by Step

A society is limited by scarcity, which means that a society has limited resources and cannot produce all of the goods and services that people in that society wish to enjoy. Therefore, economics allows us to study how people and societies choose to allocate their limited resources in a way that will make them best off.
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