Question

Economics studies Scarcity.

1. The social institutions used to address scarcity.
2. What to produce, how to produce it, and who gets it.
3. All of the above.

Answer 1

2. What to produce, how to produce it, and who gets it.

Step-by-step explanation:

Scarcity of resources is the major issue, Economics deals with.

In any economy resources are scarce i.e limited in quantity and how efficiently those resources are used is what Economics revolves around.

The central problems in an economy are:

• What to produce
• How to produce
• For whom to produce

Economics aims at answering this central problem.