A. Control the growth of population
B. Redistribute income between the rich and poor
C. Satisfy all human wants
D. Allocate scarce resources to satisfy human wants
Correct Answer:
Option D – Allocate scarce resources to satisfy human wants
Explanation
Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics therefore seek is concerned with allocating limited resources among the competing and unlimited wants.
