Questions: Question 1 Economics is the study of how the human race differs from other species how individuals amass personal fortunes in the stock market how individuals and nations deal with the problem of scarcity role that money plays in the economy how goods and services are distributed throughout the world

Question 1 Economics is the study of how the human race differs from other species how individuals amass personal fortunes in the stock market how individuals and nations deal with the problem of scarcity role that money plays in the economy how goods and services are distributed throughout the world
Transcript text: Question 1 Economics is the study of how the human race differs from other species how individuals amass personal fortunes in the stock market how individuals and nations deal with the problem of scarcity role that money plays in the economy how goods and services are distributed throughout the world
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Solution

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Answer

The answer is how individuals and nations deal with the problem of scarcity.

Explanation
Option 1: how the human race differs from other species

This option is incorrect. The study of how the human race differs from other species is more aligned with anthropology or biology, not economics.

Option 2: how individuals amass personal fortunes in the stock market

This option is incorrect. While economics can involve the study of financial markets, it is not solely focused on how individuals amass personal fortunes. Economics is broader and deals with the allocation of resources.

Option 3: how individuals and nations deal with the problem of scarcity

This option is correct. Economics fundamentally deals with the problem of scarcity, which is the limited nature of resources in comparison to the unlimited wants and needs of individuals and societies. It examines how these resources are allocated and utilized.

Option 4: role that money plays in the economy

This option is partially correct but too narrow. While the role of money is an important aspect of economics, the field encompasses much more, including production, consumption, and the distribution of resources.

Option 5: how goods and services are distributed throughout the world

This option is partially correct but also too narrow. The distribution of goods and services is a component of economics, but the field also includes the study of production, consumption, and the allocation of resources in the face of scarcity.

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