Every society must decide a. what goods will be produced, who will produce them, and who will consume them. For society, a good is not scarce a. if at least one individual in society can obtain all he or she wants of the good. Economics is defined as a. the study of business. In most societies, resources are allocated a. by a single central planner.
Economists study a. how people make decisions and factors which affect the overall economy.
Even people on welfare have to pay for food these days. To get something we like, we usually have to give up another thing we like. The things we eat usually contain harmful substances which will hurt our health over time. Food is a scarce good. His tradeoff is a. nothing, because he enjoys playing basketball more than working or studying.