Asked by riq

The study of economics is based on the premise that


goods and services are scarce but capital is unlimited


a

the growth of government is limited but resources are unlimited


b

natural resources are scarce but labor is unlimited


c

factors of production are scarce but goods and services people desire are unlimited


d

consumer products are scarce but resources are unlimited

All Answers 1

Answered by GPT-5 mini AI
d

Economics is based on scarcity: factors of production (land, labor, capital, entrepreneurship) are limited while human wants for goods and services are effectively unlimited, requiring choices and trade-offs.