Question

What is the study of how we make decisions in a world where resources are limited?

1) capitalism
2) economics
3) economic model
4) cost-benefit analysis

Answer 1

Economics is the study of how humans make decisions in the face of scarcity. It involves making choices and trade-offs based on limited resources.

Step-by-step explanation:

Economics is the study of how humans make decisions in the face of scarcity. These decisions can be individual, family, business, or societal decisions. Scarcity refers to the situation where human wants for goods, services, and resources exceed what is available. It involves making choices and trade-offs based on limited resources.