Economics is concerned with understanding how limited resources are most likely to be allocated or used.ATrueBFalse

The statement is True. Economics fundamentally revolves around the study of how societies manage scarcity and allocate limited resources. Since resources such as time, money, and materials are finite, economics seeks to understand the decision-making processes of individuals, businesses, and governments in resource distribution and consumption. This involves analyzing various factors, including preferences, incentives, and trade-offs, to determine the most efficient or equitable ways to utilize resources. The study encompasses concepts such as supply and demand, opportunity cost, and market structures, all aimed at optimizing resource usage to meet the needs and wants of society. Ultimately, understanding these principles helps in policy-making and improving economic outcomes.