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afari File Edt View History Bookmarks Window Hep INQUIZITIVE Chapter 1: Five Foundations of Economics w20611 Page 6 11. What is economics? Which of the following elements in a society are required for economic study? Correct Answer(s) Orag appropriate answers) here a standardized medium of exchange-that is, people with wants and needs money a system of government decisions about how to allocate resources resources in limited supply Drag appropriate answerfs) here Incorrect Answer(s) MacBook Air 80 2 3 4 6
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Answer #1

Ans) the correct options are

- decisions about how to allocate resources.

- resources in limited supply.

- people with wants and needs.

Resources are scarce or limited so allocation of resources is important because all choices involve trade offs.

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