Final answer:
Buying gum at the school store is considered an economic activity because it involves a monetary transaction for goods, reflecting a choice based on utility and resource allocation. So, the correct answer is A. Buying gum.
Step-by-step explanation:
Among the activities listed, buying gum at the school store is considered an economic activity.
This is because it involves an exchange of money for goods, which is a fundamental component of economic transactions. Eating breakfast, brushing teeth, and going to class, while part of daily activities, do not involve this type of economic exchange.
Economic decisions, like buying gum, often reflect how individuals seek to maximize their utility, which can be broadly understood as their satisfaction or happiness.
When people make choices, they are often influenced by scarcity, which in economics, refers to the limited nature of our resources compared to unlimited wants.
This basic principle of scarcity requires people to make choices on how to allocate their limited resources, be it time, money, or other assets, to satisfy their needs and wants most effectively.
The action of purchasing gum implies that the student had to decide between different ways to spend a certain amount of money and chose to spend it on gum, which is a direct encounter with the concept of opportunity cost and resource allocation, key components in economic analysis.
Thus, the correct answer is A. Buying gum.