The study of economics is mainly concerned with how to

Step 1: Analyze the question The question asks what economics is mainly concerned with. This is a basic definition question.

Step 2: Explain the concept Economics is the study of how individuals, firms, and governments make choices about using scarce resources to satisfy unlimited wants. The core problem is scarcity: resources are limited, but human wants are unlimited. Because of this, choices must be made, and every choice involves an opportunity cost.

Step 3: Evaluate each option

• A. Rank individuals' wants given the abundant resources. Wrong. Resources are scarce, not abundant. If resources were abundant, there would be no economic problem.
• B. Make choice when resources are inadequate. Correct. "Inadequate" means scarce, and choice is the central activity in economics. This matches the standard definition.
• C. Satisfy every member of all societies. Wrong. Because of scarcity, it is impossible to satisfy everyone completely.
• D. Produce all the goods needed by everyone. Wrong. Limited resources mean not all goods and services can be produced.

Step 4: Answer

Tip: For definition questions in economics, look for the keywords scarcity and choice. Any option that says resources are "abundant" or that "everyone will be satisfied" is almost always a distractor.