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5 February, 17:43

Economics studies Scarcity.

1. The social institutions used to address scarcity.

2. What to produce, how to produce it, and who gets it.

3. All of the above.

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  1. 5 February, 18:17
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    2. What to produce, how to produce it, and who gets it.

    Explanation:

    Scarcity of resources is the major issue, Economics deals with.

    In any economy resources are scarce i. e limited in quantity and how efficiently those resources are used is what Economics revolves around.

    The central problems in an economy are:

    What to produce How to produce For whom to produce

    Economics aims at answering this central problem.
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