Economics is the study of howGroup of answer choicessociety manages its scarce resources.society manages its unlimited resources.to avoid having to make trade-offs.to fully satisfy our unlimited wants.

As to the understanding of economics, human wants are unlimited

Economic is the study of the efficient allocation of scarce resources.

Economics, as an area of study in ________, allows for a better understanding of the very real personal and institutional motivations that drive choices when resources are limited.ABusinessBMathematicsCPsychologyDPhilosophy

The signals that guide the allocation of resources in a market economy areGroup of answer choicesprices.surpluses and shortages.government policies.quantities.

An economic theory:Group of answer choicesMust be expressed mathematically.Should be based on a model that is intended to provide a description of the situation of interest that is as comprehensive as possible.Consists of a model and hypotheses.Can be objectively determined to be the correct theory for the situation it is being used to study.