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1. What is the pimary concen of economics a) Maximizing profits b) Redistributing wealth c) Allocating scarce resources efficientiy d) Promoting consumer spending

Ask by Pierce Carlson. in South Africa
Mar 18,2025

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The primary concern of economics is allocating scarce resources efficiently.

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The primary concern of economics is all about how society allocates its limited resources efficiently. Imagine a world with endless supplies—no need for economics! But alas, we live in a world with finite resources, and economics helps us figure out the best way to distribute these resources in a way that maximizes utility and meets various needs. A fun way to think about this is through a classic economics principle known as "opportunity cost." Every choice we make comes with a cost—when we choose one option, we're giving up others. So, whether you're deciding how to spend your lunch money or a nation's budget, economics keeps us aware of what we’re giving up to make our choices.

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